Business and Corporation Tax

A well-thought-out, solid corporation tax plan could save you valuable time and keep your revenue flowing, a foundation that protects your business for years to come.

Francis James & Partners LLP

Business & Corporate Tax

The UK has the most complex tax system in the world and with each budget and tax case it gets more complex. We are a team of professionals that will explain the legislation in simple terms and provide you with strategies that will allow you to achieve your objective for a minimal tax cost.

We can also assist with your tax planning strategies, including Research & Development Claims and Integrated Allowance Claims.

Who is required to file a corporation tax return?

All active Limited companies must file a corporation tax return to HMRC each year to work out how much corporation tax is owed.

Additionally, corporation Tax applies to the following organisations, even if they are not incorporated:

  • Members’ clubs, societies and associations
  • Trade associations
  • Housing associations
  • Groups of individuals carrying on a business but not as a partnership, (for example, co-operatives.)

What is Corporation tax?

Corporation tax is a tax on the profits of companies and other organisations.

A corporation tax return (CT600) is submitted based on the profit or loss that a company has made during an accounting period.

We can also advise on loss carry back claims with regards to corporation tax, and also terminal loss relief if you are closing your business.

Your obligations include calculating how much profit your company makes for each accounting period and the amount of corporation tax payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form along with accounts and tax computations to support your return.

Filing your return late can result in strict penalties and tax paid late is subject to interest, so it is essential that you determine your company’s annual accounting date and ensure you meet the deadline.

How we can help

We deal with all business tax matters, including preparing income and / or corporation tax computations and preparing and submitting the relevant self-assessment returns.

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