Corporation tax is the tax on an entity’s profits. Corporation tax is paid by Limited Companies and Community Interest Companies and some Clubs and Associations.
The entity will have to submit a corporation tax return each year and disclose their results to HMRC.
We complete the corporations tax returns from the associated entities activities and submit them electronically to HMRC.
Rates of corporation tax can vary.
Currently the main rate of corporation tax is 19% but this will get more complex from April 2023.
The main rate for companies earning over 250,000 will be 25% after April 2023.
Companies under 50,000 will continue to pay tax at 19% after April 2023 but profits in between the 50,000 and 250,000 will be tapered.
The team will provide detailed advice on this based on your circumstances.