Corporation tax is one of the most significant financial obligations your limited company faces every year. Getting it right, paying the right amount at the right time, and making sure you are taking advantage of every legitimate relief available to you makes a real difference to your company’s bottom line. Our Fulham based corporation tax team handles everything from start to finish so you can focus on running and growing your business with complete confidence.
Professional Corporation Tax Services for Fulham Businesses
Every limited company trading in the UK is required to pay corporation tax on its taxable profits. The rules around what counts as taxable profit, which expenses are deductible, and which reliefs your company can claim are detailed and they change regularly. Keeping on top of all of that while also running a business is a lot to ask of any business owner.
That is exactly why so many Fulham businesses trust us to manage their corporation tax affairs. We have the knowledge and experience to ensure your corporation tax return is accurate, submitted on time, and structured in the most tax efficient way possible for your company.
What Our Corporation Tax Service Includes
Corporation Tax Return Preparation and Filing
Every limited company must file a corporation tax return with HMRC for each accounting period, even if the company has made no profit. We prepare your corporation tax return carefully and accurately from your annual accounts and financial records, ensuring every figure is correct and every available deduction has been claimed.
We file your return with HMRC well ahead of the deadline so there is never any risk of late filing penalties. You receive a clear summary of your tax position and exactly what your company owes before anything is submitted.
Corporation Tax Calculations
Calculating your corporation tax liability correctly requires a thorough understanding of what your company’s taxable profits actually are. Accounting profit and taxable profit are not always the same thing. Certain items need to be added back, certain reliefs need to be applied, and the whole calculation needs to be done carefully to make sure the right amount of tax is being paid.
We carry out all corporation tax calculations accurately and explain your tax position in plain straightforward language so you always know exactly where you stand.
Corporation Tax Payment Advice
Your corporation tax payment is due nine months and one day after the end of your accounting period. Missing this deadline results in interest charges that start to accumulate from the day after payment was due. We make sure you know exactly how much is due and when, giving you enough notice to plan your finances and make the payment on time.
For larger companies with profits above a certain threshold, corporation tax is payable in quarterly instalments rather than as a single annual payment. We advise on whether your company is subject to quarterly instalment payments and manage the calculations and deadlines for you.
Capital Allowances
When your company buys equipment, machinery, vehicles, or other business assets, you cannot always deduct the full cost in the year of purchase for tax purposes. Instead, capital allowances allow your company to claim tax relief on these purchases over time.
Getting capital allowances right can make a significant difference to your corporation tax bill. The rules around what qualifies, at what rate, and how claims interact with other reliefs are detailed and worth getting right. We identify every capital allowance your company is entitled to and make sure every eligible claim is included in your return.
Research and Development Tax Relief
If your company is working on innovative projects, developing new products or processes, or solving technical or scientific problems as part of its normal business activities, it may well qualify for Research and Development tax relief. This is one of the most generous tax reliefs available to UK companies and it is significantly underused because many business owners simply do not realise their activities qualify.
We review your company’s activities and advise honestly on whether Research and Development tax relief is something you could be claiming. If it is, we handle the entire claim process and make sure your company receives every penny it is entitled to.
Loss Relief Planning
Not every year is a profitable one. When your company makes a loss, there are several ways that loss can be used to reduce your tax bill, including carrying it back against profits from the previous year to generate a tax repayment, or carrying it forward against future profits. We advise on the most beneficial use of any losses your company incurs so that difficult years are at least as tax efficient as possible.
Tax Planning and Advice
Paying the right amount of corporation tax is important. Paying more than you need to is not something any business should be doing. We provide proactive tax planning advice throughout the year to help your company minimise its corporation tax liability through legitimate and straightforward means.
This includes advice on the timing of expenditure, the use of available reliefs, pension contributions, and other strategies that can make a genuine difference to your annual tax bill when planned for in advance rather than thought about after the year has already ended.
The Corporation Tax Rate and How It Affects Your Business
The corporation tax rate in the UK has changed in recent years and the current structure means that smaller companies with lower profits pay tax at a different rate to larger companies with higher profits. There is also a marginal relief calculation that applies to companies with profits falling between the lower and upper limits.
Understanding how the current rate structure applies to your specific company and profit level is important for accurate financial planning. We explain exactly how your company is affected and what it means for your tax liability in practical terms.
Corporation Tax and Your Annual Accounts
Your corporation tax return is based on your annual accounts, which is why having accurate and well prepared accounts is so important. The two processes are closely linked and we handle both together as part of a joined up service that ensures everything is consistent and correct.
When we prepare your annual accounts and your corporation tax return together, there is no risk of discrepancies between the two documents and no time wasted on unnecessary back and forth. Everything is handled efficiently and you receive both documents together with a clear explanation of your overall tax position.
HMRC Enquiries and Investigations
HMRC has the power to open an enquiry into your company’s corporation tax return at any time within certain time limits. An enquiry can range from a straightforward question about a specific figure to a detailed and wide ranging investigation into your company’s tax affairs.
Receiving a letter from HMRC opening an enquiry is stressful for any business owner. We deal with HMRC completely on your behalf, handling all correspondence, providing the information and explanations HMRC requires, and working to resolve the enquiry as quickly and efficiently as possible.
We also offer fee protection insurance that covers the cost of our professional fees in dealing with HMRC enquiries, so an unexpected investigation does not result in an unexpected bill.
Staying Ahead of Corporation Tax Changes
Corporation tax legislation changes regularly. New reliefs are introduced, rates change, and HMRC updates its guidance on a wide range of issues throughout the year. Keeping on top of all these changes and understanding how they affect your company requires ongoing attention and expertise.
We monitor all relevant changes to corporation tax legislation and proactively advise you when something changes that affects your company. You never have to worry about missing something important or being caught out by a change you did not know was coming.
Why Fulham Businesses Trust Us With Their Corporation Tax
Our clients value the fact that we do not just process their corporation tax return and send it off without a second thought. We take the time to understand their business, review their accounts carefully, identify opportunities to reduce their tax liability legitimately, and explain everything clearly before anything is submitted to HMRC.
Corporation tax does not have to be a source of stress or confusion. With the right team handling it for you, it becomes just another predictable and well managed part of running your business.
Getting Your Corporation Tax Sorted
Whether your company is newly formed and approaching its first corporation tax deadline, or you have been trading for years and want a more proactive and attentive service than you are currently receiving, we are ready to help.
Contact our Fulham office today to discuss your corporation tax requirements. We will make sure your company pays exactly the right amount of tax, on time, every year, while taking full advantage of every relief and allowance it is legitimately entitled to.
