Corporation tax is a major part of your trading costs. It is the increased reporting obligations, thorough investigation policies imposed by the tax authorities and tough penalties for non-compliance that means that a lot of time and resource is taken up collecting revenue for the Government.
The Making Tax Digital (MTD) programme means businesses with a taxable turnover above the VAT threshold (£85,000) are now required to keep digital records and use approved software to submit their VAT returns. All other VAT registered businesses will be required to follow the rules from April 2022 and the government is currently consulting around the rollout of MTD to Corporation Tax from 2026. We are familiar with many of the leading HMRC-approved software systems and are a Xero Silver partner and have helped many of our clients implement the MTD requirements.
We can assist you and your business by completing and filing business tax returns as well as preparing and submitting end-of-year payroll Tax Returns. By using us for your corporate tax and planning, means we can act as intermediaries for any disputes with the tax authorities.
As part of this service, we can advise you of the UK company tax rate and help you with determining the most tax effective structure for your business by taking full advantage of tax opportunities and reliefs. It is our job to make sure that you achieve the best capital or revenue tax treatment as well as reducing your tax on disposals and maximising relief on acquisitions. There are also many tax opportunities specific to certain industries and our in-house expertise to help you tackle these.
To discuss any corporate tax questions, please get in touch today.