Tax
Register for VAT as a Limited Company
Do you need or want to register for VAT as a limited company? This crucial step can increase your business’s
October 27, 2024
2:14 pm
Skip to content Navigate the complexities of Corporation Tax with precision and confidence. Our expert team ensures your business complies with UK tax regulations and benefits from every available relief to minimise your tax bill.
Filing a Corporation Tax Return is a crucial responsibility for every limited company in the UK and foreign company with a UK branch or office. This involves accurately reporting the company’s income, expenses, and allowances to HM Revenue and Customs (HMRC) to calculate the correct amount of Corporation Tax owed. Non-compliance or inaccuracies can result in significant fines and potential legal challenges from HMRC. Our service provides comprehensive assistance to ensure your Corporation Tax Return is filed correctly and on time. We specialise in simplifying the complex process of preparing and submitting tax returns, making it accessible for businesses of all sizes.
Every company subject to Corporation Tax must register with HMRC, file their tax return annually, and pay any tax due within the stipulated deadlines. Our service is invaluable for businesses looking to navigate the intricacies of tax legislation, as we ensure they benefit from any available tax reliefs and deductions. We provide expert guidance on Corporation Tax, from calculating taxable profits to reporting and payment. By leveraging our expertise, you can avoid common pitfalls, late filing penalties, minimise tax liability, and fully comply with UK tax laws.
You must register your company for Corporation Tax with HMRC within three months of commencing business operations. You can do this online or by calling HMRC at 0300 200 3410. If you have no intention of engaging in any trading activities, whether soon or at all, it is essential to inform HMRC that your company is dormant. You won’t need to register for tax at this point.
There are three ways to pay corporation tax:
You will need the payment reference number, which you can find in a letter from the HMRC corporation tax department. Alternatively, you can find it from the company’s online gateway account.
If you fail to submit your corporation tax return by the deadline, HMRC will issue a late filing penalty of £100.00. You must submit your corporation tax return within three months of receiving the penalty notice to avoid further penalties.
Once you have filed your corporation tax return, you or your accountant may file an appeal against the late filing penalty. If you can demonstrate to HMRC that you had a reasonable excuse for not submitting your corporation tax return on time, HMRC may waive the late filing penalty.
If your company is not generating any income and has stopped trading, you can inform HMRC that it is dormant. This will exempt you from filing corporate tax returns or paying corporation tax. Regardless of whether your company generates any income, you must submit annual accounts and a confirmation statement to Companies House.
Do you need or want to register for VAT as a limited company? This crucial step can increase your business’s
You can transfer a portion of your Personal Allowance to your partner (spouse or civil partner) if you meet the