Corporation Tax in Worcester
PAE Finance is a local accountant in Worcester, managed by Paul Evans. The business was established in April 2017; however, Paul has been working in the finance industry and with over 30 years’ worth of experience, Paul possesses a wealth of knowledge in all areas within accountancy. The area of expertise we specialise in, include tax returns, self-assessment, payroll and bookkeeping and we have worked with many businesses to help them with their corporation tax. We also focus on a range of industry sectors including hospitality, medical, CIS contractors and the construction industry.
At PAE Finance, we closely with clients and can provide ongoing support to help you grow your business, maximise your personal wealth and minimise your tax liability.
If you are looking for an accountant to help with corporation tax in Kidderminster, then don’t hesitate to contact us. Call us now on 01299 272 647 and we will be more than happy to help.
What is Corporation Tax?
Companies are subject to corporation tax, which is levied on business profits and other forms of income, as well as on chargeable gains accruing to companies. Corporation tax is charged on the profits of a ‘financial year’ which runs from 1 April. The profits of a company are calculated by reference to its accounting periods and are then, where necessary, allocated on a time basis between the financial years in which the accounting period falls.
Who Pays Corporation Tax?
All limited companies are liable for Corporation Tax, and the tax is aligned to the financial year of the business. There are some exceptions, such as when starting a new business if the business changes its year end accounting date.
Along with being payable on any profits a business makes in its financial year, Corporation Tax is also due on any money the business makes from investments, and from selling capital assets for more than they cost – known as chargeable gains. Corporation Tax is paid on profits made in the UK and abroad if the company is based in the UK, or just on its UK profits if the headquarters is based in a different country.
Income Tax for Business
Corporation Tax is a tax that is payable from all taxable profits of any company that is based in the UK, even if you profit was generated elsewhere in the world. This tax is calculated and paid annually and is based on your accounting period for corporation tax. This is usually around the same time as your businesses financial years income
This tax must be paid within 9 months of the end of your accounting period, although if you are a bigger business whose profits exceed £1.5 million then you would pay in instalments. It is important that you complete your corporation tax return before 12 months. Corporation tax is not taken out automatically and you as a business are responsible for calculating and submitting the corporation tax to HM Revenue and Customs.
At PAE we can help to make sure that you meet all HMRC’s corporation tax obligations and calculate your tax return accurately. We can also advise you on potential ways to reduce the total corporation tax and any other tax, that you would need to pay.
Contact Us Today for Corporation Tax Services in Worcester
Looking for local accountants to help with your corporation tax in Worcester? Then you are at the right place! We have over 30 years of knowledge and experience working with clients of all kinds. If you are looking for someone to manage your annual accounts, management accounts, bookkeeping, payroll and give you advice with self-assessment, PAE Finance can help! For more information about the services we provide or for any other enquiries, call us now on 01299 272 647.
We also offer our corporation tax to our clients based throughout Kidderminster.