What is corporation tax?
Company tax returns are filed using a CT600 form, but the return also includes supplementary pages, the company accounts for the period covered by the return, and the computations showing how entries on the return were calculated from figures in the accounts.
While all profits are taxable, there are expenses that can be deducted in order to reduce every firm’s tax liability, and many companies seek support with filing their corporation tax return in order to ensure they do not miss out on these opportunities.
Corporation tax considerations
After establishing your revenue minus your expenditure, the process of corporation tax calculations can begin as adjustments to your profit figure are made.
These adjustments are made to ensure that you do not pay more corporation tax than you need to, and our experience and attention to detail are key as we seek to save you substantial sums of money that you simply need not be paying.
For example, capital allowances that cover machinery, computers, vehicles and equipment can be deducted from your profits. Similarly, the annual investment allowance (AIA) and enhanced capital allowances (ECA) provides a higher rate of relief for certain assets. Particular features and alterations of business premises must also be carefully considered.
While chargeable gains must be taken into account where a business has sold assets for more than it paid for them, there is also tax relief available for research and development and for businesses that work in the creative sector.
Simpson Wood’s approach to corporation tax
We strive to go above and beyond our clients’ expectations as we seek to deliver financial freedom for them and their businesses.
That’s why our approach to corporation tax begins with assessing a firm’s tax liability but can also encompass complex group reorganisations, the effective use of losses, and tax-efficient means of extracting profits annually and on cessation of a business.
Simpson Wood’s team of corporation tax specialists are fully up to date with the latest developments in corporation tax, and all the returns we work on are filed online using the iXBRL system required by HM Revenue & Customs.
For corporation tax guidance, assistance and support from the very best, contact us today.
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We offer a complete solution to clients. As well as completing your return, we use our knowledge of your individual circumstances to provide you with proactive advice and help you to minimise your tax burden.
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