Accounting with Corporation Tax can catch the majority of limited company owners out. The cost of even minor errors can be very expensive. Let the expert handle it for you.
Calculating Taxable Profit Correctly
Your taxable profit is not the same as your accounting profit. While your accounting profit will reflect the remaining balance in your business bank account at the end of the year, your taxable profit will have been reduced for entertainment of clients etc. that you are allowed to deduct from your accounting profit.
Claiming Allowable Expenses and Capital Allowances
An accountant will help ensure that all allowable deductions, such as capital allowances on equipment and machinery, are claimed against your taxable profit to reduce your corporation tax liability.
Spotting Reliefs Such as R&D Credits
Your company may qualify for R&D tax credits if it has developed new products or processes. Capital allowances also need to be claimed on equipment and machinery, including the Annual Investment Allowance.
Filing the CT600 Return on Time
Taxable corporation tax is charged and must be paid within set time limits. The CT600 return needs to be prepared and submitted on time to avoid the automatic penalty. The CT600 return must be completed and submitted by the end of the ninth month following the year end of the company’s accounting period.
Handling HMRC Enquiries and Payments
Accountants also take the pressure off should HMRC make an enquiry into the tax return. All communication with HMRC is dealt with by the accountant and they also manage payment of the tax due by debt through your company’s bank account. More on Accountants Kent can be found at https://bhukgroup.com/.
A good accountant can turn a complex annual task into a simple process for you.
