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Corporation Tax

Understanding Corporate Tax

UK Corporation Tax is a tax on the profits of companies based in the UK or with operations in the UK. It covers earnings from trading, investments, and selling assets. Companies need to submit tax returns and pay their taxes on time, with rates depending on how much profit they make and what industry they are in. 

Whether you’re a small startup or a large corporation, trust HHM to provide proactive advice and comprehensive support to ensure your tax affairs are in order, allowing you to focus on driving your business forward.

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Corporation Tax

Understanding Corporation Tax: Compliance, Rates, and Tax Efficiency for Businesses and Foreign Companies

Corporation Tax is a tax levied on the profits of UK-resident companies and certain foreign companies with UK-based operations. It applies to limited companies, foreign companies with branches in the UK, and some unincorporated associations like clubs and societies. The tax rate varies annually, with smaller profits subject to a lower rate and larger profits facing a higher rate. Taxable profits encompass trading profits, investments, and capital gains.

HHM offers a range of services to assist businesses in managing their Corporation Tax obligations effectively. Our team of experts can help companies determine their optimal accounting periods for tax purposes, ensuring alignment with their financial accounting periods. We specialise in calculating taxable profits by meticulously deducting allowable expenses and deductions from total income, thus maximising tax efficiency while maintaining full compliance with Corporation Tax regulations.

Additionally, HHM provides comprehensive support for filing Corporation Tax returns and making payments within specified deadlines. Our services extend to identifying opportunities for tax credits, incentives, and reliefs, such as research and development (R&D) relief and capital allowances, which can significantly reduce a company’s tax liability.

At HHM, we understand the complexities of Corporation Tax and stay updated on changing rules and rates to offer the most informed guidance. Our tax planning services enable businesses to legally minimise their tax liability while ensuring full compliance.  

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Why choose HHM Chartered Accountants?

We Are Professional Chartered Accountants and UK Tax Specialists

Here at HHM Accountants our skilled Accountants, Tax Consultants and Business Advisors are here to help small and medium-sized businesses. Our team comprises of extensively qualified Chartered Accountants and renowned industry business consultants.

For businesses, freelancers, and professionals ensuring precise and timely financial record-keeping.

Tailored solutions for sole traders, Ltd Companies, and freelancers, ensuring financial clarity and compliance.

For individuals, sole traders, and partnerships: simplifying your income reporting to HMRC with expertise and precision.

Expert tax solutions for limited companies, ensuring compliance and optimised tax strategies.

Managing employee wages and benefits for businesses of all sizes, from startups to established firms.

Guiding businesses in accurate VAT return submissions, ensuring compliance and maximizing claims.

Crafting strategic roadmaps for startups, entrepreneurs, and established businesses to drive financial growth.

For individuals and enterprises with global earnings, navigating UK tax obligations.

Expert guidance for individuals and businesses on capital gains tax compliance and optimization.

Choose the best. Choose HHM Chartered Accountants and Tax Advisers

Think of us as your financial buddies. We’re here to guide you, making sure you save money while always obeying by the rules. With our UK tax return accountant help, not only can you reduce your current tax bill, but we also plan for your future, ensuring lasting savings.

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As of the last update in January 2022, the standard Corporation Tax rate in the UK was 19% for the financial year 2021/2022. However, tax rates can change annually, so it’s essential to check the current rate with  HMRC.

The deadline for filing a Corporation Tax return in the UK typically falls 12 months after the end of a company’s accounting period. Payment of any tax owed is also due within this timeframe.

Yes, there are various tax credits and incentives available, such as research and development (R&D) relief, capital allowances, and patent box relief. These schemes are designed to encourage innovation and investment, allowing companies to reduce their tax liability.

Allowable expenses and deductions include costs directly related to the business, such as employee salaries, rent, utilities, and costs associated with generating profits. These deductions reduce the company’s taxable profits.

HHM offers a range of services to help businesses manage their Corporation Tax effectively. This includes determining optimal accounting periods, calculating taxable profits, filing Corporation Tax returns, and identifying opportunities for tax credits and reliefs. HHM’s tax experts provide guidance for compliance and tax efficiency.

Please note that tax regulations and rates may change, so it’s crucial to consult with tax professionals or HMRC for the most up-to-date information and advice tailored to your specific circumstances.

HHM’s fees for calculating company tax can vary depending on the complexity of your company’s financial situation, the services you require, and other specific factors. To get an accurate quote for HHM’s services related to company tax calculation, it’s best to directly contact HHM or visit their website to inquire about their pricing structure and request a customised quote tailored to your business’s needs. HHM typically provides transparent pricing based on the scope of work and services required, so you can get a clear understanding of the costs involved.

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