Every business, small or big, has to file its income tax return and any other requirements prescribed by the law of the country forming or organizing that corporation. This could be a series of rigid processes and requires an accountant's or accounting firm's skill and competence to ensure substantial compliance.

What is Corporate Tax?

This is the exercise of the inherent power of the government to tax corporations in place of its profits and in transacting business. Subject to the territorial jurisdiction of the country in whose laws the corporation has been formed and organized.

Profits from doing business, investments and dispositions of assets (sell, lease, pledge, mortgage, etc.) for more than they cost require the proprietor to pay corporate taxes to the government.

If your company is based in the U.K., taxes are due and payable from all the transactions made in the U.K. and abroad. However, if yours is a foreign company not based in the U.K but only has an office here, it only needs to pay taxes due from domestic transactions in the U.K.

The need for Corporate Accountants To make tax declarations with ease and accuracy, a reliable and trustworthy accountant to go through all the requirements is of great assistance. Every year, a corporation must undergo this reporting process to satisfy all its tax obligations.

• Registration for Corporation Tax shall be done upon the start of a business or in restarting a dormant company.
• Keep and file the accounting records. Then, submit the necessary Company Tax Return to ascertain the amount the company is obliged to pay.
• Payment of the due tax and reporting if there is an inability to pay on the set deadline. (Generally, nine months and a day after the end of the accounting period.)
• Filing of the Company Tax Return on the set deadline. (Twelve months after the end of the period of accounting.)

Note: The accounting period is usually scheduled the same as the twelve (12) months financial year for the annual accounts.

Wanting assistance with this detailed process: The help of an accountant who knows how to file the Company Tax Return and the requirements: financial statements, filing of records in the stock and transfer books, etc.

Aside from the procedural help, an accountant can also be your enterprise's tax adviser.

MyCleartax is ready for your corporate needs. Our team is available for your corporate tax requirements, whether consultations, tax advice, or substantial procedural assistance. MyCleartax is located in Birmingham, United Kingdom. 

Contact our firm today, and get the help you need.