If you are a limited company, you would need to pay the corporate Tax, this tax also applies to unincorporated associations like cooperatives and clubs. The firms whose head quartered in other countries, but who have a branch or an office in the UK would also be liable to pay this tax. Every limited company must also be the corporate tax on its taxable profits.
By taxable profits, we mean that whatever profit that you may have earnt doing business, or investments or selling assets for gains. If the firm is based in UK, and it has operations abroad, they would have to pay the corporate tax for all its profits, but if the firm is headquartered somewhere else, and only have a part of its offices here, they would have to pay the tax only on the profit that they earn by operating in the UK.
Rayvat Accounting would help you set up the corporation tax by helping you with all the formalities regarding that. Since you would not get any specific bill amount for this, we would work with you to determine the exact amount of corporate tax that you would need to pay as well as assist you with the company tax returns.
Following aspects needs to be decided for corporation tax:
– Determining the amount and deadlines for filing the tax returns
– Preparing annual accounts so that you get the maximum tax benifit
– Check that all the benefits that are available with the corporation tax are availed.
This article does not constitute advice. This article is to be used as a general guide for our clients for their own private information Read More.