Don’t let your tax affairs get out of control! With corporation tax, you need to think ahead.
When you start up a business, should you choose to form a limited company, you will have to assess your business for corporate tax. This essentially examines your profits for the previous accounting year and calculates your tax liability based on these profits.
Depending on the profits your business makes, the rates you pay will vary. Below are the rates for 2014/15:
- Profits of £0-£300,000 – 20%
- Profits of £300,001-£1,500,000 – 21.25%
- Profits of £1,500,001 and over – 21%
We can take care of your annual tax compliance, as well as advising on the best use of reliefs and allowances available to you.
Even small companies can benefit from tax planning advice – for example, with the ongoing changes in capital allowance rules it is important to consider matters such as timing of asset purchases.
We have a dedicated tax team who can advise on all areas of corporation tax, from capital allowances to more complex strategic considerations, accounting for tax across a group, or specialist areas such as Research and Development tax credits.
Whether you are worried about the cost of your small business tax or are more interested in learning about how corporate tax works, we can help you. At Barnes Roffe we are dedicated to providing you with the tax help, advice and support you deserve so that you can effectively work out the profitability of your business and ensure you receive the right tax deductions on every one of your tax liabilities.
Tax truly doesn’t have to be taxing, and with our support you can take your tax understanding to a whole new level!
Contact our team today and let us help you to make understanding tax even simpler.Talk to Barnes Roffe today Barnes Roffe has tried to ensure that the contents and information it provides in its website is accurate at the time of posting. Unfortunately it cannot guarantee the accuracy of contents or information contained in its pages and any person choosing to act on this information should contact a Barnes Roffe partner prior to taking any action