When you form your limited company, Companies House will inform HMRC of the new company and they will in turn register your company for Corporation Tax.

If your company is registered for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits (the first-year rules are a little more complicated and usually involves two Corporation Tax returns).

This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return in a special format known as iXBRL, if not in this format, the return will be rejected.

There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to.

We can assist with all aspects of the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.

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TaxSmart Accounting are an independent and forward thinking accountant with the flexibility to meet the client’s needs in a professional and personal manner.  Outsource as much or as little of your bookkeeping and payroll needs as required with our fully personalised service.  Contact us today for further information or a free consultation on how we can help your business.

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