Taxation Services
Corporate Tax Planning
Corporation tax is the tax you pay on your profits if you are a limited company or limited liability partnership and declared to the Inland Revenue on a self-assessment Company Tax Return form - CT600.
Corporation Tax is also payable by a number of unincorporated organisations that include trade associations, housing associations, co-operatives, and clubs and societies.
There are three different rates of Corporation Tax, depending on the size or the profitability of the company. The higher the profit, the higher the rate of taxation.
For the year 2006/07, the starting rate, which applies to companies with profits up to £10,000, is 0%. The small companies’ rate, which applies to companies with profits between £50,001 and £300,000, is 19% and 32.75% between £300,000 and £1.5m. The main rate, which applies to companies with profits over £1.5 million, is 30%.
Corporation Tax is by self-assessment. Calculating the correct amount of tax that needs to be paid is very important as penalty charges are imposed by the Inland Revenue for incorrect calculations, late submissions of a company tax return and late payments.
You can rely on Pierce's multi-disciplined teams of experts to reduce your present and future tax liabilities through timely planning, offering a wide range of specialist services that provide flexible personalised solutions with access to up to the minute advice on new tax legislation.