We've got many tax-saving strategies to help you and your business. There are
considerable benefits to tax planning and using the specialist dns team to advise you. Here are just a few of them...
Our highly experienced tax team can help you with all your corporate taxes with UK tax law.
Are you a limited company owner? Get help with company tax returns with our experienced & dedicated accountants. Call us today at 03300 886 686 to speak to our advisors, and we'll find the right solution to all your corporation tax needs.
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I am writing this email as a token of appreciation for Manish Garg, who is our lead accountant for the past...Read more
We work with DNS Associates for 4 years now and we always had a feeling that our problems and questions are top...Read more
DNS Associates provides cost effective and very professional services. My accountant Sneha Gurudutta has been...Read more
Very professional and efficient team. I will highly recommended to all small or big business owners...Read more
I’m a new client and Debangshu Sarkar has been reliable, timely and informative to date. Very impressed...Read more
Excellent services, my account manager Amit Gupta always there for me, excellent work on time and take...Read more
I recently starteed my own company and in need of a good accountant. With my friends reference, I started...Read more
I have been using DNS Services over a year from setting up my company till date. They are extremely professional...Read more
I am writing this email as a token of appreciation for Manish Garg, who is our lead accountant for the past couple of years. Manish is a very helpful person who often goes above and beyond to ensure that clients are fully satisfied and happy with the service provided by DNS. He also has a friendly attitude coupled with excellent subject knowledge and attention to detail, and is certainly a great asset for the company. Owing to such a fantastic service provided by Manish, I will always recommend DNS associates to all my contractor friends and colleagues.
We work with DNS Associates for 4 years now and we always had a feeling that our problems and questions are top priorities for them, especially Elena Ursuta our account manager who always helped us out. Would recommend DNS.
DNS Associates provides cost effective and very professional services. My accountant Sneha Gurudutta has been always very keen to assist with whatever queries I may have. They are punctual and provide excellent service throughout.
Very professional and efficient team. I will highly recommended to all small or big business owners. Amit Gupta is our account manager and he is handling our two companies accounts. he is very helpful and he always notify us time to time . Thank you Amit Gupta and all DNS accountants team.
I’m a new client and Debangshu Sarkar has been reliable, timely and informative to date. Very impressed with the service.
Excellent services, my account manager Amit Gupta always there for me, excellent work on time and take every extra mile for my business, always gives the time to explain. Really can’t complain.
I recently starteed my own company and in need of a good accountant. With my friends reference, I started DNS accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.
I have been using DNS Services over a year from setting up my company till date. They are extremely professional and flexible.We get support on weekends too which is a handy. Above all Sneha Gurudatta is always helpful and very quick in getting up the things done.Thanks a lot for the good job Sneha. I already recommended few people and will continue the same in future .Thank you.
The corporation tax is what limited companies need to pay tax to the HMRC (HM Revenue & Customs). This tax is paid on the company's trading profits and the capital gains from increased value assets sold, e.g. property and company shares. The corporation tax rate depends on how much taxable profit the company makes in the accounting period, whether small businesses or large companies. Based on that, the company pays the corporation tax bill. UK companies must pay corporation tax on all the taxable income they earn from the UK and foreign companies. In contrast, companies whose offices are not based in the UK and have a branch here only need to pay UK corporation tax on profits from their UK activities.
The corporation tax rate is 19 per cent on the profits made by a limited company in its financial year. The UK corporation tax rate may change from time to time. So always ensure that you pay the correct basic rate in your company's accounting period before nine months. For any tax changes, you can follow the gov site.
A corporation tax return is a return filed by companies or associations to declare their profits, spending and company tax figures to HMRC on their business activity, usually once a year. A UK company must file their corporation tax returns in its accounting periods before the deadline to meet its legal obligations and avoid late penalties. Our experts are specialized in handling all aspects of technical tax and can guide you on UK corporation tax allowances, exemptions and deductions you may need to learn.
If you set up a limited company, it should be registered for corporation tax within three months of its starting. When your company starts business activity from that date, the company trading profits are calculated for corporation tax to pay. You must register with HMRC and fill online form available on the UK gov site. If the registration process is late, you will end up paying the penalty.
If your company's taxable profit is £1.5m or less, the corporation tax deadline is nine months and one day after the end of the previous financial year. If the profits arising or the profits earned by the company are more than this, the corporation tax payment you will pay in instalments.
There are ways in which you can reduce your corporation tax bill by corporation tax allowances and corporation tax reliefs.
Corporation tax allowance:
You can have some corporation tax allowance while calculating how much you need to pay. the cost of business purposes can be deducted from company profits while managing the annual accounts. The accommodation and training come under allowable expenses, and entertaining clients' costs don't come under allowable expenses.
Corporation tax reliefs:
A few corporation tax reliefs are also available to minimize the corporation tax bill:
Research and Development (R&D) relief, the Patent Box, Creative industry tax reliefs, disincorporation relief, terminal, capital and property income losses, trading losses, marginal relief, relief of goodwill, and relevant assets.
There are many ways for corporation tax to pay, but whatever way you opt for, the payment should be reached on time to HMRC. These are the few methods by which a company pays corporation tax. You can choose according to your suitability.
According to the UK tax policy, let's calculate how much corporation tax penalties are paid. If you do not file your return before the corporation tax deadline, you will have to pay penalties to HMRC:
If you are late three times in a row, the £100 penalties are increased to £500 each. If you are still six months late, HMRC will write to you about the corporation tax payment they think you must pay, which is a tax determination. It's better to arrange payment reminders to avoid paying additional taxes.