Corporation tax accountant in East Kilbride
Company tax returns prepared and filed on time, your liability calculated, and planning to keep your company's tax as low as the law allows.
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Corporation tax deadlines
Your company's corporation tax is normally due nine months and one day after the end of its accounting period, and the company tax return must be filed within twelve months. Larger companies pay in quarterly instalments instead, and we'll help calculate these where they apply.
Paying yourself from your company
How you take money out of your company, through salary, dividends, pension contributions or a mix, affects both your company's tax and your own. We look at the whole picture, including your personal tax, before recommending an approach. Thinking of incorporating? Read sole trader or limited company?
Corporation tax rates
Companies pay corporation tax on their taxable profits. The rate depends on how much profit the company makes.
| Taxable profits | Rate |
|---|---|
| £50,000 or less | 19% (small profits rate) |
| £50,001 to £250,000 | 25%, reduced by marginal relief |
| Over £250,000 | 25% (main rate) |
The £50,000 and £250,000 limits are shared between associated companies and reduced for accounting periods shorter than 12 months. Source: GOV.UK.
Valuable advice when it matters
Oak Accountancy have been a tremendous help to The Optical Factory and Hearing Clinics for many years now, especially during the last few months when they have offered valuable advice that has seen us through this difficult period. Can’t thank them enough for their help and guidance.
Sean WallsDirector, The Optical Factory Ltd
Questions and answers
When is corporation tax due?
Normally nine months and one day after the end of your company's accounting period. The company tax return itself must be filed within twelve months of the end of the period.
Do I need an accountant for corporation tax?
There's no legal requirement to use one, but the responsibility for getting the calculation right is yours, and mistakes can lead to penalties. An accountant also makes sure you claim the reliefs and allowances you're entitled to.
Related services
- Accounts and compliance
Year-end accounts, company secretarial work and Companies House filings.
- Personal tax planning
Income tax, capital gains tax, inheritance tax and Scottish tax.
- Bookkeeping and management accounts
Reliable figures through the year, forecasts and help with funding.
Let's talk about your business
Your first consultation is free. Tell us where you are and what you need, and we'll tell you honestly how we can help.