Corporation Tax

Corporation Tax applies to the taxable profits of UK-resident companies and certain other organisations. Overseas-incorporated companies may also have UK Corporation Tax obligations, depending on their tax residence and UK activities.

Companies must calculate their taxable profits, claim any applicable reliefs and meet the relevant filing and payment deadlines. If HMRC issues a notice to file a Company Tax Return, a return is generally required even where the company has made a loss or has no tax to pay.

At Tika Accountancy, we prepare Corporation Tax computations and Company Tax Returns (CT600), and provide practical advice tailored to your business. Our services can include:

• Preparing tax computations and supporting schedules

• Preparing and submitting Company Tax Returns and accounts to HMRC

• Reviewing allowable expenses, capital allowances and available loss reliefs

• Assessing eligibility for the small profits rate and Marginal Relief, including the effect of associated companies

• Advising on tax planning opportunities and payment deadlines

• Reviewing UK tax residence and reporting obligations for overseas-incorporated companies, including Hong Kong companies managed from the UK

• Assisting with Corporation Tax queries and correspondence with HMRC

The main Corporation Tax rate is 25%, with a 19% small profits rate available to eligible companies. Marginal Relief may apply between the relevant profit thresholds, which can be reduced for short accounting periods and associated companies.

Company Tax Returns are generally due 12 months after the end of the accounting period. Payment is normally due earlier, nine months and one day after the period ends, although larger companies may need to pay by instalments.

We work with you to understand your business, identify relevant reliefs and help you meet your obligations. The services included will be confirmed in our agreed scope of work.