Tax

The UK has one of the largest tax codes in the world, so preparing even the most straightforward tax return can be complicated. There are various deadlines and responsibilities for taxpayers to be aware of.

The most common reasons that a tax return may be required are as follows:

  • You are self employed or a partner in a partnership
  • You are a company director
  • You have large amounts of savings or investment income
  • You have untaxed savings or investment income
  • You own land or property that is being let
  • Your household receives Child Benefit and you have income in excess of £50,000
  • You have income from overseas
  • You have sold or given an asset away (such as a holiday home or some shares)
  • You’ve lived or worked abroad or aren’t domiciled in the UK

The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult professionals…like us

Corporation Tax

Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based that can still be expected to pay corporation tax if the central control and management of the company is carried out in the UK.

The first thing you must do is register your company with HMRC, using their official forms, letting them know that you are liable for corporation tax.

If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form and accounts and tax computations must be submitted to HM Revenue & Customs in support of the return.

There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to.