Corporation Tax for Limited Companies
Are you aware of the requirements of Corporation Tax for limited companies in the UK? This tax, paid on profits by businesses and organizations, is mandatory for limited companies incorporated in the country. However, it is important to note that sole traders and partnerships pay Income Tax instead. To fulfill their obligations, limited companies must submit a Company Tax Return , even if they have no tax to pay. Furthermore, companies with overseas profits must include them in their Company Tax Return if they are based in the UK. The deadline for submission is 12 months after the end of the financial accounting period, with payment due nine months and a day after the same period. You have options when it comes to payment methods, including online, through online banking, or over the phone. Remember, the rate of Corporation Tax depends on the company's profits, and there are various ways to reduce this bill, such as claiming expenses and utilizing tax relief programs like R&D...