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Profitable businesses frequently choose to trade as limited companies.
The responsibility for calculating the corporation tax liability
falls on company directors. We deal regularly with the taxation
issues facing owner-managed companies and can advise you not
only how to minimize the cost but also how profits can be extracted
in a tax efficient way.
• Process
Once your company's financial statements have been approved by
the Board, the process of settling the Company's tax liabilities
can begin. The amount of tax due will already have been worked
out roughly in order to include an estimate of the liability in
the financials. This is reassessed at this stage and an accurate
computation of the liability is made.
• Tax calculation
After that, the Corporation Tax Self Assessment form or CT600
is prepared through our specifically written software. This calculates
the correct taxable profit which is checked and reviewed to ensure
its accuracy by our tax department.
• Quality through control
At this stage the work is reviewed by a qualified Chartered Accountant
building in a further quality assurance stage. Their concerns are
communicated to the originator and any adjustments necessary agreed
upon.
• Approval
Finally, the completed CT600 is sent out to you for approval and
signature together with details of the tax due and how and when
to pay it. Corporation tax falls due for payment 9 months after
the end of the accounting period, so if your Company's year end
is 31 March, the tax must be paid by 31 December every year. For
some reason, the form CT600 can be lodged at any time up to 12
months after the accounting date but generally we aim to lodge
far earlier than this.You are asked to look through the form carefully
before signing and returning to us.
• Internet
The paper signed form is then kept on file at our office whilst
the information is filed electronically with HM Customs & Revenue
over the internet utilizing our secure link.
• Up to the minute access
This procedure allows us to have direct access to HMC&R computers
at any time through the year to check actual payments by the Company
in real time thereby enabling us to ensure that our clients do
not incur penalties and interest payments.
• Keeping up to date to help you
We can help to reduce the burden of compliance with current corporate
tax law because we are properly up to date with developments in
tax.
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