Corporate tax planning

Limited companies must submit a corporation tax return to HMRC every year. Even if your company made no profit and has no tax to pay, there’s no getting out of it. If you fail to file yours 12 months after your accounting period, financial penalties may apply. It’s also your opportunity to make sure you only pay the tax you need to with some careful planning.

As accountants for limited companies, we can prepare your tax return so you can retain more of your profits to invest in new assets, settle loans, pay out to investors or just reward yourself. So, not only will we calculate your profit and loss properly, but we’ll also employ strategies to bring your tax bill down.

One way we’ll do this is by ensuring every one of your company’s business expenses is added to your return before it’s filed. If you made them solely for business purposes, their value can be deducted from your profit before your tax is calculated, potentially saving you vast amounts of cash.

We will also examine the various tax relief schemes to check if your company can use one to reduce its tax bill further. For instance, you may be able to claim R&D tax credits or other sector-specific ones, such as film tax relief.