Your business has to pay Corporation Tax on its taxable profits if it is an incorporated business. While currently set at 19%, the rate of corporation tax is due to fall to 17% from 1 April 2020 (in Northern Ireland it is 12.5%).
While this reduction will undoubtedly come as a boost to many enterprises, it is still important to make sure you understand this tax and fulfil the obligations it places on all businesses.
One of these important obligations is that there are deadlines for submission of the tax returns and payment of outstanding tax – if you miss these you could receive a fine from HMRC.
At PRIMOtax we’ll make sure that your corporation tax returns are filed in an accurate and timely manner and that your tax is paid on time to avoid any additional financial burden on your company.
Not only on that, but we can also undertake a thorough review to ensure you’re not paying more corporation tax than you need to. This will include analysing areas such as eligibility for R&D tax relief or patent tax relief if you derive profit from patented inventions, and looking at deductions such as for pension contributions, mileage, working from home or share schemes. There are multiple opportunities to reduce your corporation tax bill and we’ll make sure every element is considered to ensure you reduce your tax burden while remaining fully complaint.