Corporation tax services
Written by Ray Coman
UK tax law for companies is complex and constantly changing. HMRC charges penalties and interest for late filing of a Company Tax Return and late payment of corporation tax. Staying in compliance with the corporation tax rules can consume valuable management time and resources. As a small business owner or a contractor using a limited company there is a requirement to file a Company Tax Return every year and account to HMRC for the tax. Company Accounts that get filed with HMRC include a balance sheet. A balance sheet basically states what a company owns (assets) and what it owes (liabilties). Corporation tax is a liability at the year end. To prevent the company from being in debt it is a requirement to have sufficient assets, usually by way of cash in the company bank, to cover corporation tax at the year end. We can help calculate the tax and avoid the pitfall of unwittingly getting into 'debt' and suffering the negative tax implication.
We can help:
- Complete a Company Tax Return, accurately and on time.
- Submit a Company Tax Return online to HMRC.
- Advise on corporation tax liability and its due date.
- Act as agent before HMRC.
- Support a company through any tax enquiry.
We are specialists in owner-managed companies, from a one person company to family run businesses with payroll and management accounting requirements. As well as dealing with administrative issues, we will work with our client to provide the latest practical advice on:
- Forming a company, or subsidiary.
- The options for extracting value from the company, whilst keeping tax to a minimum.
- Any special tax reliefs available to the business.
- The tax implications for the company of owning property, hiring it or renting it from the directors.
- The value of company including any goodwill, and related tax effects of a valuation.
- Closing the company while minimising professional fees and tax costs.
- Unincorporating a company and becoming a sole trader or partnership.
- Plans for getting the most from a sale of your business.
- Any additional tax payable from an overdrawn director's loan account and how to avoid that.
We use our wealth of experience in corporation tax supported by the latest software to provide an accurate, online and cost effective service. Coman & Co is a specialist corporation tax accountant for business owners. Please contact us today for your free, initial consultation.