Corporation Tax

Are you looking for support and guidance on your corporation tax obligations? The team at Accountants Glasgow are here to provide you with a comprehensive support package that will ensure you maximise any tax relief and submit all returns on time.

Given the regular changes to corporation tax rates, reliefs and rules, it is vital that each and every business owner stays up to date. Failing to do so will not only mean you may miss a deadline but you may also fail to maximise any allowances and exemptions, meaning you pay more tax than necessary.

Every company that is active must file a corporation tax return with HMRC each year and it is this return that the government uses to calculate what corporation tax the organisation owes.

What is a corporation tax return and when must it be filed?

Let’s start off with the basics of what a corporation tax return is. This submission is made up of the profit or loss that your organisation has made along with any particular allowances, expenses etc that have been claimed. All of this detail is then calculated together to form your final bill.

The current corporation tax rate for 2022 is 19% but it is important to monitor this in case there is a policy change.

The deadline to file your return

Typically, your business will need to file its corporation tax return 12 months following the end of the business accounting period.

There are some potential changes to this date and the accounting period is generally set by HMRC, so if in doubt you should contact them to confirm the dates. Our experts can provide more detail on this topic so please get in touch today.

How can Accountants Glasgow help?

Our team of experts have a wealth of experience and expertise in completing and then submitting corporation tax returns for businesses of all sizes.

There is a range of specific tax rates, allowances and expenses that should be included to help reduce the tax liabilities of businesses. This is where our team come in as we will spend the time to understand your business, what allowances or rate reliefs you’re eligible for and then ensure this is included.

When you work with Accountants Glasgow, you can trust that we will stay up to date with all changes and developments, as well as file all returns including corporation tax on time so that your business isn’t penalised.