Business Tax Preparation
Business Tax mainly refers to Corporation Tax payable on the profits made by a Limited Company or by a Partnership (VAT and PAYE for employers are also at times referred to as Business Tax, for more detailed explanation of these please refer to each category in the relevant “Services” section).
Both limited companies and partnerships have an accounting period, that is a point in time normally covering one year when the taxable profits or losses made by the business need to be calculated. The accounting period of a business does not have to correspond to the tax year set by HMRC which ends on 5 April.
We will calculate the overall position for each tax as well as more detailed information, such as any:
- tax the business owes
- repayments HMRC owes to your business
- any relief available to the business for losses
- any claim due for the purchase of equipment and other assets
- interest on any late payments
- penalties incurred by the business and whether appeals are possible
- direct debit payment plans
In addition we will prepare and submit on line the relevant documentation such as:
- CT600 a self-assessment form for Limited Companies
- iXBRL files (This are electronic files to feed figures directly into HMRC database (it is no longer possible to send Final Accounts to HMRC by post)
- CT41G to inform HMRC that your business has started trading
Corporation Tax and Business Tax in general are complex subjects, but we are here to make sure that your business pays the correct amount of tax and receives maximum protection.