Business Tax

Sole traders and partnerships are required to compute taxable profits and include these in their personal or partnership tax returns to be submitted to HM Revenue & Customs.

Limited companies are required to submit a Corporation Tax Return (CT600) along with a computation and company accounts to HM Revenue & Customs. Corporation tax is chargeable on a company’s profits for an accounting period. Rates of corporation tax are set annually and apply for financial years (from 1st April through to 31st March). Where an accounting period straddles two financial years it may be necessary to apportion profits and apply variable rates for each financial year separately.

Business tax planning is important so that tax liabilities are anticipated and prepared for. Accountants can advise on relevant reliefs and allowances to potentially reduce liabilities.

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