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Corporation Tax Accountants in Manchester

Like income tax for individuals, UK corporation tax is paid by UK businesses based on their annual profits.

Understanding what you need to pay and doing this accurately and on time will help you avoid penalties. This is where we come in.

At Lumbview Accounts, our experience with corporation tax payment means we are ideally positioned to advise you of what you will have to pay, so you don’t end up paying too little – or too much.

Our Corporation Tax Services

We can help you determine your how much of your profits are taxable by pinpointing and taking into account any tax deductibles or tax breaks your company may be eligible for.

Because corporate tax rates and reliefs can change every year, we use our experience to ensure that filing your tax return is simple.

Let’s Make Your Businesses Corporation Tax Bill Simpler

Reporting the correct information to Companies House and HMRC and accurately work out how different reliefs apply to your corporation tax return.

Your filing deadline for your tax return is 12 months after your allocated accounting period ends. HMRC will advise of your accounting period.

We keep up to date with any changes to legislation, making it easy for us to file your tax return accurately and on time. It also helps us work out the best ways to help you make tax savings.

Craftswoman in workshop

Ensuring Your Business Pays The Correct Amount Of Corporation Tax

Because the profit you made will not necessarily be the amount to be taxed, we do the hard work and check your annual accounts and any reliefs that your company may be eligible for.

Filing your corporation tax return on time and accurately is crucial, and it is our job to give you peace of mind on that. Get in touch with us today and speak to our experienced experts by calling 0161 793 9737 or using our handy contact form.

Small business owners in shop

Corporate Tax Accoutants Understand How Your Business Is Being Taxed

As well as working out your company’s taxable profits and filing your company tax return, we also want to help you understand how your business is being taxed.

We are always available to discuss any questions and explain what corporation tax rates you are paying on your taxable income.

We understand that it is important for anyone running a limited company to understand their financial position fully. While we are here to help lighten your burden to focus on day to day operations, we are also here to help you understand the taxes you are paying.

Determining If Your Business Is Due A Tax Break

Making sure you are paying the right amount of tax can be stressful. You want to make sure you don’t get a letter demanding extra payments or a penalty notice, but on the other hand, you don’t want to pay more than you have to.

First of all, we look at any tax-deductible expenses that can include;

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

Other allowances or reliefs you may be eligible for include;

R&D (Research and Development) relief – Research in science or technology can be eligible for corporation tax relief in some cases.

The Patent Box – This is for companies that keep their intellectual property in the UK and can be opted into for a lower corporation tax rate of 10%.

Creative industry relief – Companies directly involved in producing and developing films, high-end TV, children’s TV, animation TV, video games, theatrical productions, orchestral concerts or museum or gallery exhibitions can be eligible.

Relief on goodwill and other relevant assets – Your company may be eligible for relief if relevant assets and goodwill are purchased when buying a business with a qualifying IP and are included in the companies accounts.

Disincorporation relief – If the company is dissolved and you become a limited partnership, sole trader or ordinary business partnership.

Terminal losses – If your company stops trading.

Capital losses – If a capital asset is sold or disposed of, making a loss.

Property income losses – If your company earns property income.

Trading losses – You may be able to offset them against profits in the same accounting period or carry it forward to the next account period.

As you may imagine, there are many terms to be met to be eligible for any corporation tax relief, and we can help check through your accounts to target any that you may be eligible for.

Frequently asked questions

Corporate Tax Service FAQs

Do all businesses have to pay?

Every UK company pays corporation tax. We can help you work out what is due, any relief you may be entitled to and file your tax return. Our expert advisors give you peace of mind that your tax will be taken care of accurately and on time.

For more information, get in touch with us here or call 0161 793 9737, and we will let you know how we can help your business.

Does my business have a corporation tax liability?

If you are a limited company, you are legally obligated to pay corporation tax. We can help you to manage your accounts and calculate any tax owed. We take into account any tax relief you may be eligible for to reduce your tax costs.

Can you help me define my business's taxable profits?

We can! In fact, we help many businesses with this every year.

First, we consider your annual accounts, look at how your business operates, and what you do. This way, we can determine whether you are eligible for tax relief that would lower the taxable portion of your trading profits.

We want to help you accurately lower your tax bill by looking at all the available options for your individual case.

How can I find out how much corporation tax I did to pay?

You should always keep a record of your accounts so you can check back if you need to. If you are struggling to determine the amount of corporation tax you have previously paid, contact HMRC by visiting your business tax account.