When a limited company is incorporated it is required to register with HM Revenue & Customs (HMRC), and submit a corporate tax return annually to declare what corporation tax is payable.
The information that is entered on the corporate tax return is derived from the company’s annual accounts . The tax payable is based on the profits of the company.
HMRC Corporation Tax Rates: With effect from 1st April 2020, the rate for corporation tax is 19% which is payable on the profits that a UK registered business makes. This rate will also apply in 2021 although it may change in future years.
The tax liability is calculated on a self-assessment basis using the financial information included in the company’s annual financial report .
121 Company Formation is an experienced accounting firm that specialises in offering a range of services to start-ups, small and medium sized companies including offering sound business advice, assisting in running their operations in the most tax efficient way, preparing their year-end accounts , and calculating and completing their annual corporation tax returns .
All UK limited companies are obliged to pay corporation tax on their profits. This includes companies that are based overseas and has a branch that trades in the UK. In this case, the company must pay the 19% rate on any profits that relate to its UK activities.
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