By the Side of Business
All UK businesses currently in operation are required to submit a Corporation Tax return, with failure to do so being subject to significant penalties that can hamper your business. In order to be compliant, companies must also file their accounts to Companies House 9 months after the year end date.
Making sense of accounts and Corporation Tax can be frustrating if you lack the in-house expertise to do so, and it can be especially challenging if your finances are complex. At Boughton Accountancy, we deliver a dedicated service that strives to keep things simple, allowing you to focus on business growth.
Our Corporation tax Return Service
The Boughton Accountancy team offers extensive experience helping businesses prepare and submit Corporation Tax returns. Our experts provide specialist support that includes:
- Ensuring your business complies with regulations surrounding Corporation Tax
- Filing your return accurately and within the applicable deadlines, avoiding penalties in the process
- Advising you on any allowances or reliefs relevant to your business, such as Research and Development (R&D) Relief, Capital Allowances or Creative Industries Tax Relief (CITR)
- Minimising the financial burden through tax planning and risk mitigation
- Offering expert guidance to small and established businesses looking to make sense of company taxation
If you have a question about our services or would like to make an enquiry, feel free to contact us online. Our team is on hand to provide a solution.
How It Benefits You
No business should be bogged down by administration. Nonetheless, many business owners struggle to find the time and resources necessary to fulfil their administrative responsibilities in the way they’d like to. That’s why our accountants provide a first-rate service that:
- Takes away the hassle involved with submitting your tax return
- Helps to minimise inefficiencies and reduce cost
- Has been flexibly designed to suit the needs of your business
- Delivers value throughout the process
- Enables you to shift your focus to the hands-on aspects of doing business
What Makes Us Different?
Boughton Accountancy was established in the belief that accountancy should go beyond professionalism and experience, although we offer both of those qualities in abundance. Our clients turn to us for actionable, commercially minded support that helps their business operate at peak performance.
We tailor our services to meet any demand you place on us, and we’re always looking for new ways to further your goals. Our client list spans businesses at various stages of development, meaning we offer practical and cost-effective solutions throughout the business lifecycle.
Frequently Asked Questions
What is a Corporate Tax return?
A Company Tax return (sometimes referred to as a Corporate Tax return) details your company’s profits or losses with the aim of determining the amount of Corporation Tax you’ll be expected to pay. Corporation Tax is levied on profits made by your business, including trading profits, investments and assets sold at above cost price.
When are Corporate Tax returns due?
In most cases, the deadline for submitting a Corporation Tax return is 12 months after the end of your accounting period. Your Corporation Tax bill itself must be paid within 9 months and 1 day of that same period. You may be charged interest if you pay your tax bill after the deadline has passed. You will earn interest if you decide to pay the bill early.
What happens if I miss the deadline?
There are penalties in place for businesses who fail to submit a return for Corporation Tax within the expected timeframe. The costs associated with these penalties can be significant depending on the amount of time it takes to resolve the issue.
If 6 months go by without you filing a return, HMRC will make their own determination of the amount of Corporation Tax you owe. After 12 months, you may be expected to pay up to 20% of your unpaid tax on top of your regular bill.
When do I file my Corporation Tax return?
It’s important to submit your return on time to avoid any unnecessary financial losses. With this in mind, it’s advisable to file your return as soon as you’re able to.
Do I need expert help?
Although it’s possible to file a return yourself, many businesses choose to enlist a professional accountant instead. Working with an expert allows businesses to free themselves of unnecessary hassle, avoid potential inaccuracies and ensure compliance at all times. In addition, an experienced accountant can also help you make the most of any allowances and reliefs that might be available to you.
I am in the first year of running a small business and haven’t turned a profit yet. Does that mean I won’t need to submit a return?
Despite it being unlikely that you will have to pay Corporation Tax in the above scenario, HMRC regulations state that you’ll need to file a return regardless of whether you turn a profit or not. In most cases, HMRC should notify you of this in the form of a notice.
There are some circumstances in which you won’t need to file a Corporate Tax return specifically, for example if you’re a sole trader. However, this is not to say that you won’t need to file a return at all – you’ll simply be required to submit a Self Assessment instead.
Contact Us
If you’re looking to make an enquiry, don’t hesitate to get in touch with our friendly team. Simply complete our contact form or call us on +44 7921 626447. We’ll be right with you.