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Every business small or big has to file its income tax return and any other requirements prescribed by the law of the country forming or organizing that corporation. This could be a series of rigid process and requires the skill and competence of an accountant or an accounting firm to ensure substantial compliance.

What is Corporate Tax?

This is the exercise of the inherent power of the government to tax corporations in lieu of its profits and in transacting business. Subject to the territorial jurisdiction of the country in whose laws the corporation has been formed and organized.

Profits from doing business, investments and dispositions of assets (sell, lease,pledge,mortage,etc.) for more than they cost requires the proprietor to pay corporate taxes to the government.

If your company is based in the U.K., taxes are due and payable from all the transactions made in the U.K., and from abroad. However, if yours is a foreign company not based in the U.K, but only has an office here, it only needs to pay taxes due from domestic transactions in the U.K

The need for Corporate Accountants To make tax declarations with ease and accuracy, a reliable and trustworthy accountant to go through all the necessary requirements is of great assistance. Every year, a corporation needs to undergo in this process of reporting in order to satisfy all its tax obligations.

  • Registration for Corporation Tax shall be done upon the start of a business or in restarting a dormant business.
  • Keep and file the accounting records. Then, submit the necessary Company Tax Return to ascertain the amount of which the company is obliged to pay.
  • Payment of the due tax, and reporting if there is inability to pay on the set deadline. (Generally, nine months and a day after the end of the period of accounting.)
  • Filing of the company Tax Return on the set deadline. (Twelve months after the end of the period of accounting.)

Note: The accounting period is usually schedule the same as the twelve (12) months financial year for the annual accounts.

Wanting assistance for this detailed process: The help of an accountant who knows how to file the Company Tax Return alongside with the necessary requirements: financial statements, filing of records in the stock and transfer books, etc.

Aside from the procedural help, an accountant can also be a useful tax adviser for your enterprise.

CERTAX BIRMINGHAM, ready for your corporate needs. CERTAX ACCOUNTING BIRMINGHAM is available for your corporate tax needs whether it be consultations, tax advices, or actual procedural assistance. CERTAX is located in Birmingham, United Kingdom. Contact our firm today, and get the help you need.