TITLE: Corporation Tax Services: Best Corporation Tax Services Companies in the UK
What is Corporation Tax?
Businesses in the United Kingdom pay corporation tax, which is based on their annual profits in the same manner that people pay income tax.
Since April 2016, the corporation tax rate has been 19 percent for all limited enterprises. Previously, the rate was determined by the company’s profits.
Companies, unlike individuals, do not receive any type of tax-free allowance, hence all profits are taxable. There are, however, a variety of charges and deductions that you can claim to lower your bill.
You must file a corporate tax return (CT600 form) with HMRC once a year to pay.
How to reduce your Corporation Tax Bill
1) Claim all Allowable Expenses
All companies can deduct the cost for expenses that have been incurred for an activity, good, or service. This can include meeting rail tickets, office equipment, petty cash for tea and biscuits, and other items unique to your industry.
Salaries and employer National Insurance contributions are additional business expenses that can be deducted from taxable profits if you have employees.
2) Pay Yourself a Salary
Even if you’re the sole person employed by the company, the earnings are not yours. As a result, you can pay yourself a salary.
Your wage, like that of any other employee, is a business expense, as are any National Insurance contributions made on your behalf by the company. By paying yourself, you can lower the company’s taxable profits.
3) Make an Earlier Payment to HMRC
Fortune favors the organized when it comes to business tax. If you pay your tax bill early, HMRC will refund you a portion of it as interest at a rate of 0.5%.
Interest is normally paid by HMRC from the time you pay your corporation tax until the payment deadline. However, it will begin paying interest six months and thirteen days after the start of your accounting period.
Top 10 Corporation Tax Services Companies in the UK
1). Sterlinx Global is a leading and reliable accountancy firm that provides a range of services for SMEs and start-ups across a range of industries including e-commerce.
They provide an affordable service for entrepreneurs in the retail sector and can help with VAT registration, reporting. They have helped a range of clients with tax issues and are well ranked by traders on top e-commerce websites.
They have a strong grasp of both tax policy in selected EU countries and the UK.
2). Lite Tax: are Bristol Certified Accountants and Xero Gold Partners with a focus on small and medium businesses. Lite Tax is a major tax accountancy practice in Bristol, Nailsea, Portishead, and the surrounding areas.
3). Grant Thornton: Grant Thornton is a global network of independent accounting and consulting member firms that provide assurance, tax, and advisory services to privately held enterprises and governmental entities.
4). Moore Kingston Smith LLP: Moore Kingston Smith LLP was founded in 1923 and specializes in accounting and business consulting. Payroll processing, bookkeeping, financial accounting, and tax preparation are among the services provided by the London-based team of approximately 500 people.
5). Clear House Accountants: Our expert tax accountants help you through the tax compliance standards specified by HMRC, the major UK tax authority, and provide inventive and customized solutions to your difficult tax concerns.
They don’t just provide tax compliance services; they equally include various approaches and strategies to help you lower your overall tax liability.
6). Tax & Advice: Tax & Advice is a London-based bookkeeping service with around ten members. They’ve been providing tax preparation, payroll processing, and bookkeeping services to a variety of clientele since 2010.
7). Salient Accounting & Finance: Salient Accounting and Finance is a team of more than 50 people situated in Basildon, England. This accounting firm, which was founded in 2008, specializes in financial accounting, tax preparation, and payroll processing for small enterprises.
8). HSKS Greenhalgh: Chartered Accountants in Nottingham, Derby & Uttoxeter providing tax and accounting services.
