In the UK, if you start a resident Limited company you will be operating under the Corporation Tax Staff Assessment (CTSA) system. It is payable by the non-resident Companies, but with a permanent establishment in the UK. However, it is not paid by Partnerships or a Limited Liability Partnership (LLP). Corporation Tax applies on profit raised by Limited Companies, this tax treatment applies on Members clubs and Trade and housing associations as well.
Corporation Tax is payable on adjusted profits for each accounting period at a rate for the financial year. The adjusted taxable profit figure is known as ‘Profits Chargeable to Corporation Tax’ or PCTCT. The calculation of PCTCT consists of many adjustments on accounting profit of Profit and Loss account.
Like every tax system, Corporation Tax is charged about income gains raised in an accounting period. Company’s accounting period begins with the day when a company starts trading. Based on annual accounts, corporation tax is determined yearly, no matter if it is presented late in an accounting period.
As a tax analyst and an advisor our goal is to help you minimise your tax burden within the legal obligation. We offer a tax advisory or consultancy service in response to HMRC notice applied on you.
Our Professional Job on Tax Relief
HMRC has an online system for companies to file their tax return, called CT600. Using HMRC’s free online filing system or commercial software; you should file an additional calculation along with statutory accounts. Outsourcing this to us makes it easy for you to do other things without having worried about paper work or online tasks.
We can improve and get the tax situation of your corporate business by reducing tax return if there are tax relief opportunities. We can help you minimise your corporate tax and lessen your administrative load on fulfilling tax regulation, we can achieve the optimum capital or revenue that is affecting tax situation to get tax relief opportunity properly. Also, we can help you on disposals and maximising tax relief on Corporation Tax Self-Assessment (CTSA).