Corporate tax advice from Alexander & Co.
Our Corporate tax services will help to simplify the complicated world of corporate tax legislation and help your organisation achieve its goals, no matter what stage of growth your business is at. You can rely on us for accurate corporate tax advice.
Corporation Tax Returns and Computations
There are 2 main components of a company tax return, these are:
- Profit or loss for corporation tax
- Corporation tax bill
Your tax return must be filed before 12 months after the end of the accounting period it covers, and must show the calculation of the profits chargeable to corporation tax, also known as the ‘tax computation’.
Entrusting this responsibility with one of our qualified accountants can alleviate the pressure that comes with correctly preparing and filing your tax return, and we can ensure everything is completed on time.
What is the corporate tax rate?
The corporate tax rate is more accurately known as Corporation Tax in the UK. The main rate of corporation tax for the financial year beginning 1 April 2022 is 19%
From 1 April 2023, the Corporation Tax main rate (for non-ring-fenced profits) is to increase to 25%. This will apply to profits of over £250,000.
A small profits rate (SPR) is being introduced for companies whose profits are up to £50,000, which will enable them to pay Corporation Tax at 19%.
Those companies who have profits between £50,000 and £250,000 are to pay Corporation tax at the main rate, reduced by a marginal relief. This is to provide a gradual increase in the effective Corporation Tax rate.
R&D tax relief
If your organisation is liable for corporation tax and invests in research and development, you may be eligible for R&D tax relief.
This is a government initiative designed to encourage innovation in the UK. The government offers tax credits in the form of reduced corporation tax or cash, to organisations that invest in research and development.
Many different industries can reap the benefits of R&D tax credits, so long as the project:
- Seeks to increase their knowledge
- Improves a product or service
- Solves uncertainties in the process
Our experienced in-house accountants can walk you through everything you need to know and help to determine whether your organisation is eligible, so you can start claiming immediately.
Corporate property tax
If you’re a firm using a building for non-domestic purposes, you will be required to pay business rates.
These are charged on non-domestic properties such as: offices, warehouses and factories; however certain properties are exempt from this tax, e.g. farm buildings.
Planning ahead can significantly reduce your bills, that’s why it’s important to get the correct information from our experienced accountants, to ensure your money is going to the right place.
Here at Alexander & Co, we recognise that dealing with HMRC enquiries can be a lengthy and complicated process, that’s why we do it for you.
This saves you the hassle and frees up valuable time that you can use to work towards developing your business.
Land remediation relief
If your company is liable for corporation tax, then you may be eligible for land remediation relief.
Land remediation relief is available to property investors and developers and can result in significant cash savings for your organisation.
However, there is a 3-year time limit for retrospective claims; so if you’re unsure as to whether you can claim, get in contact with one of our corporate finance accounting experts to see if your organisation is eligible.
Tax-efficient remuneration can minimise the impact of tax on business owners of limited companies; and if choices are made carefully, this can reap significant benefits for business owners.
Alexander & Co’s corporate finance accountants are experienced in all areas of corporate tax, so get in contact to see how you and your organisation can benefit from implementing tax efficient remuneration strategies.
There are many different ways a company can reorganise itself, including mergers, agreements or via a section 110 Insolvency Act 1986 demerger.
Our advisers can walk you through the best course of action for your organisation, should you decide this is the route you want to go down.
Succession planning involves identifying talent to fill critical business roles that may become vacant in the future. Reasons for doing this include skill shortages and lack of confidence in the current leadership.
Our corporate tax advisers can assist you in this area, and provide impartial advice if succession planning is something you are considering for your organisation.
Corporate tax advice and exit strategies
As a business owner, there are many different exit strategies you can go for, however, it’s important to make sure you choose the right one.
Whether you’re considering leaving your organisation or just want to see what your options are for the future, our corporate tax advisers can help you assess your options and give you all the information you need so you can make an informed decision.
Contact a corporate tax advisor today
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"John and the tax team at Alexander & Co gave us great advice throughout the merger process.
Rapid, reasoned and professional with their responses, they always had complete control of all tax and finance aspects of the deal throughout the negotiations."