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Business Tax

What is Business Tax?

A tax is a financial charge made by a government on individuals, consumers and businesses. Businesses pay what is called Corporation Tax. Corporation Tax is a tax that all limited companies must pay and it's a tax that's payable against the profits a company makes.

Why is Business Tax Important?

Under the Companies Act 2006, the legal responsibility for correctly calculating corporation tax liability falls on business owners. 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.

Corporation Tax:

Accompanying your annual accounts, Directors have an obligation to file a company tax return, known as a CT600, to calculate and pay their corporation tax.

 

The current rate of corporation tax is at 19% and is levied on the profits of your business and include gains made through trading, investments or selling assets.

 

Corporation tax is linked to your company accounts and will require a set of full accounts to accompany any submission, we will always complete your corporation tax filing in conjunction with the production of your annual accounts. This means we will discuss your corporation tax at the same time we produce your accounts.

Our Services:

  • Preparing disclosures and calculating tax provisions for UK GAAP and IFRS accounts.

  • Calculation of quarterly installment payments.

  • Preparing corporation tax returns.

  • IXBRL tagging of accounts and tax returns in preparation for online filing. 

  • Capital allowances claims.

  • Research and Development Tax Credits.

  • Tax-efficient profit extraction.

  • Taxation of intangible assets and the new Patent Box

  • Abbreviated Accounts to companies house (For small limited companies)

Reducing your corporation tax is about reducing your taxable profits. This can come in many forms, such as paying yourself an increased salary (albeit this will incur additional income tax), increasing your pension contributions, making further investments into your business or exploring possible reliefs available, such as R&D or possible industry related tax reliefs.

For more information on Corporation Tax Services or to find out how we can help you get into contact below!

The ways in which we can help you...

We care about you and your business hence why we go above and beyond for all our clients

Business Startup Support

Starting a new business can change your life. We provide support in order for you to get your feet off the ground.

Bookkeeping & Cloud Accounting

We love working with cloud based software which allows your financial information to be accessible by you and us 24/7.  

Personal Tax

Self-Assessment Tax Return service for individuals helps to ensure your return is completed on time and efficiently

Payroll & RTI Submissions

Any business that has employees will need to run a payroll and submit RTI to HMRC on each payday

VAT and Indirect Tax

We complete VAT returns on a monthly, quarterly or annual basis for clients, helping putting your mind at ease over VAT

End of Year Accounts Preparation

Year end accounts often form the basis of your Self Assessment tax return and provide a valuable insight into your business

Construction Industry Scheme

We work with contractors to make sure they understand their obligations and remain  compliant throughout the process.

Business Tax

Navigating your corporation tax returns can be compared to negotiating a minefield.

HOW CAN WE HELP?

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MALAIKA BUSINESS AND FINANCE LTD

298 Green Lane,

Ilford, IG1 1LQ

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