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Corporate Tax Accountants

Keeping up to date on your corporation tax is an essential part of any business plan. At Lumbview Accounts, we can help manage your corporate taxes. By teaming up with us, you’ll never have to stress over a tax return again!

Corporate tax accounting is a complex topic that requires years of experience to understand properly. Our professional team has worked with a wide range of businesses and has the expertise necessary to manage your taxes seamlessly.

What Is Corporation Tax and How to Account For It

Corporation tax is a percentage of a business’s profits that is collected by HMRC and Companies House. It is similar to income tax for individuals but with more complications and intricacies. As a result, working out how much corporation tax you need to pay can be confusing.

Your business may be entitled to a range of reliefs that cut down the corporation tax that you have to pay. A professional accountant can help you work out which reliefs you’re entitled to and save you money in the process.

At Lumbview Accounts, we specialise in corporation tax accountancy. By partnering with us, you’ll guarantee that your accounts are kept up-to-date and in good health. We will deal with all your corporation tax needs, ensuring that you never overpay.

We Provide a Comprehensive Company Tax Return

Your corporation tax return is the important document that proves how much tax HMRC are entitled to collect from your business. Your tax return must be as comprehensive as possible, both to ensure you’re covering your corporation tax liability and to prevent overpayment.

Our experienced team can accurately and efficiently create a corporation tax return that ticks all the boxes. You’ll never have to spend hours figuring out your tax return again – simply hand it over and let us take the weight off your shoulders.

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How We Assist With Corporate Tax Services

When you first start investigating corporation tax, the topic can seem fairly daunting. The corporation tax rate varies depending on a number of factors, and without a good amount of accounting knowledge, it can be almost impossible to know where to start.

Our accountants have years of experience with business tax and would be delighted to share their knowledge with you. We can take care of any complicated tax computations and prepare accurate tax returns for your business.

By hiring our professional team, you can ensure you’re never overpaying on your taxes. Many businesses miss out on profits every year because they don’t realise they are entitled to tax relief. We will ensure that you cover your liabilities whilst keeping as much money in the company accounts as possible.

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Let Us Help Determine if Your Business Qualifies for a Tax Break

There are several reasons why your business might qualify for a tax break. The first thing we’ll look into is any tax-deductible expenses.

These can include:

  • Office expenses
  • Phone expenses
  • Workspace rent
  • Travel costs
  • Professional journals or literature
  • Business equipment and machinery
  • Business vehicles

You may also be entitled to a range of tax reliefs and deductions – we’ll be able to advise you on which reliefs you should be claiming. There are a number of reliefs that could cut down your tax bill:

  • R&D (Research and Development) relief
  • The Patent Box
  • Creative industry relief
  • Relief on goodwill and other relevant assets
  • Disincorporation relief
  • Terminal losses
  • Capital losses
  • Property income losses
  • Trading losses

Speak to a Corporate Tax Accountant Today

If you’d like to learn about our business tax services, don’t hesitate to contact us. You can do so via our online contact form or by calling 0161 793 9737. If you’re local to our Swinton office, feel free to pop in for a chat.

 

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frequently asked questions

Corporate Tax FAQs

Is it necessary to use an accountant for corporation tax?

Hiring an accountant is not essential, but doing so could save you a lot of resources. Preparing company tax returns and dealing with HM Revenue & Customs can take up a lot of time. An accountant would take these chores off your hands, allowing you to invest your valuable time elsewhere.

In addition, a good accountant will have plenty of experience in the subject. There are a range of corporation tax reliefs available that many entitled businesses fail to claim. Accountants will ensure that your corporation tax bill is no higher than it should be.

How can I account for corporation tax?

Corporation tax is paid at the end of each financial year. It is accounted for by filling in a corporation tax return form. This process can be quite difficult and confusing, so it’s usually best to get a professional accountant for assistance.

The main goal of tax accounting is to ensure that all corporation tax liabilities are fully met. Failure to meet a corporate tax liability can result in big fines, which should be avoided at all costs.

What is an example of corporation tax?

Corporations have many different taxes to pay at the end of each financial year. The biggest one is income tax, with HMRC collecting a percentage of a business’s profits. The tax rate varies depending on the profit levels of the business.

Income tax isn’t the only thing that businesses are liable for. They may also have to pay tax for Payroll, Unemployment and Sales. It can be difficult to stay on top of all these different payments, but a dedicated accountancy team can help cover everything.

When does the accounting period start and end?

Your corporation tax accounting period lasts for 12 months and can be started at any time during the year. Many businesses prefer to line up their accounting year with the standard financial year, which starts and ends in April.