Who needs our Corporation Tax services?
Many companies and organisations that need to pay Corporation Tax simply use an accountant to submit their Corporation Tax return. At THP, we don’t just do that for you – our Corporation Tax services are designed to give you much more. At the core of what we offer is advice that’s tailored to your circumstances and designed to legitimately keep your Corporation Tax bills as low as possible. If freeing up more money to invest in your business appeals to you, please get in touch today to learn more.
How can our Corporation Tax services lower your bills?
These days, Corporation Tax is a bit more complicated than it used to be.
Instead of paying a flat rate, the amount of Corporation Tax you pay depends on your company’s trading profits. If you make a profit of more than £250,000, you pay the full rate of 25%. If you make less than £50,000, you pay the ‘small profits rate’ of 19%.
When your profits are between these figures, you really do need expert advice. In this situation, you need to claim marginal relief and, depending on your profits, could pay anything between 20% and 24%. A single percentage point’s difference could mean thousands of pounds extra remaining with your business – or going to the taxman!
But don’t worry. THP’s Corporation Tax services are here for you, no matter what your turnover. Our expert accountants can work with you to:
- Make full use of relevant allowances and tax breaks
- Ensure that you pay the correct rate of Corporation Tax
- Use the rules to find strategies that could lower your tax band
- Make sure your Corporation Tax returns are submitted accurately and on time.
THP works with companies of all sizes to manage their Corporation Tax affairs. So, whether your trading profits are modest or run to tens of millions of pounds, we can help make sure you don’t pay more Corporation Tax than you should. Contact us today to find out more.
What other strategies can you use to save me money?
When you use our Corporation Tax services, we delve into many potential ways of saving you money. However, every client is different and has different circumstances. This means that a strategy that works for one business won’t necessarily work for another. That said, just some of the possible strategies we might suggest include:
- Checking you’ve claimed all business expenses you’re entitled to
- Making sure you have no unclaimed capital allowances
- Reviewing the pension contributions that you pay to staff
- Making charitable donations
- Claiming R&D tax credits
- Offsetting any losses against future profits
We not only tailor our approach to your needs, but we review it regularly to make sure you continue get the very best value from our Corporation Tax Services.
Meet the THP Corporation Tax Services Team
Mark Ingle
An owner-manager business specialist, Mark is adept at building relationships with all our clients, including those that use our Corporation Tax services. “I like to help firms to grow and succeed and our business accounting services have a lot to offer them.” Having worked for accountancy practices in London and Essex, Mark is experienced at supporting businesses of all sizes. For him, THP stands out because of its “local firm approach with the resources of a larger practice.”
Kirsty Demeza
With a portfolio that ranges from startups to companies with a £10 million turnover, Kirsty’s talent for working closely with her clients ensures her services remain in strong demand. “When you help a new business and watch it expand into new premises and secure big contracts, it’s a great feeling,” she says. As well as providing accounting services for business that range from Corporation Tax planning and bookkeeping to audit and VAT return services, Kirsty’s part of THP’s sales team and closely involved in helping our trainees to develop their skills.
Lee Daley
Lee is one of our Responsible Individuals (RIs), allowing him to sign off on audits. Working closely with some of our larger clients, he is well known for developing strong relationships with his clients, providing them with a friendly and transparent service that includes Corporation Tax planning. Lee began his career with THP and has built up decades of experience, which he is always keen to share: “I like to give guidance where I can, and I think people see me as being approachable and someone who can help.”
Andy Green
As our Compliance Director, Andy ensures that THP’s impeccable standards and reputation are consistently upheld. With a background in accounting, investment banking and audit, Andy’s passion for the profession stems from its dynamic nature: “Every day presents new challenges and opportunities to achieve successes for clients.” Andy’s approachable style and positive outlook make him a highly regarded Corporation Tax accountant for a broad array of clients, regardless of size or sector.
Debbie West
Debbie takes a tailored approach to working with businesses and often deals with clients looking for Corporation Tax services. To do this, she likes to gain a thorough understanding of what clients do and provide a tailored service. “How I help clients depends on their aims. It could be tax efficient remuneration planning, making full use of expense claims, pension contributions, or something else,” she explains. Job satisfaction is important to her: “Knowing I have been thorough and produced an accurate result is key to providing excellent business accounting services.”
Corporation Tax FAQs
If you have a limited company registered in the UK, or your overseas company makes profits from a UK branch or office then your business should be registered with HMRC. Other organisations liable for Corporation Tax can include clubs, co-operatives and unincorporated associations such as community or sports groups that make profits from doing business. Learn more in our blog post, Who pays Corporation Tax?
You pay Corporation Tax on your business’s annual profits. These include trading profits, profits from investments, and ‘chargeable gains’ (selling assets for more than you paid for them).
In a nutshell, businesses with profits under £50,000 pay 19%. Those with profits over £250,000 pay 25%. Businesses with profits between the two figures pay a tapered amount. We will ensure you pay the correct rate for the trading profits you make.
In many cases, yes, we may be able to help you reduce your Corporation Tax bill. How we do this will depend on your business, the way it operates and the profits it makes. We can help you identify opportunities and allowances that could help reduce your Corporation Tax charge. It’s also possible for us to use current rules to find strategies that will help some corporate clients move to a lower Corporation Tax band.
No, Corporation Tax is not an expense. It is a tax on your profits rather than an expense you incurred in order to make those profits.
If you are not currently a THP client, we can offer you an initial consultation to determine how we could help you. For example, many limited companies also use our longer-term tax planning services to plan ahead.
No. Your business does not have to pay tax on dividends. However, if a director or other shareholder takes a dividend, they may have to pay Income Tax on it. We can also advise you on tax efficient ways of extracting profits from your business.
Corporation Tax News
Want to learn more about Corporation Tax? If so, please browse our blog articles.
What is marginal relief on Corporation Tax?
Who pays Corporation Tax? A brief guide.
Associated companies and corporation tax – the rules
