Corporation tax must be paid by a number of organisations in the UK in order to be compliant with HMRC regulations. Any organisation which needs to pay corporation tax must register as soon as they start their business or restart a dormant one. They must keep accurate and up to date accounts records and prepare company tax returns in order to work out the amount of corporation tax to be paid. The tax must be paid by the final deadline otherwise a penalty will be issued.
WHO MUST PAY CORPORATION TAX
Anyone that does business as any of the following must pay corporation tax to HMRC:
• Limited companies
• Foreign companies with UK offices or branches
• Co-operatives, clubs or membership associations
There is no bill issued for corporation tax and therefore it is up to the organisation itself to work out the amount owed. This can be especially challenging since determining the amounts owed and calculating the correct payment without over or under paying can be difficult for those who are not skilled in accountancy.
An organisation must pay corporation tax on all of its taxable profits which have been made from investments, sale of assets for more than their purchase price and on trading profits. Following the regulations regarding the payment of corporation tax can be especially complicated and that is why it makes sense to use the services of a qualified accountancy service like The Accountancy Solutions. We can help to ensure that you only pay the tax that you should and that you comply with the law in order to avoid penalties. As experts in the field we can free up your time and ensure that your tax is accurate for the benefit of your business.