Corporation Tax

Tax is an unavoidable part of running any business. It’s mandatory for you to register for the relevant business taxes, and you’ll also need to factor in that a certain percentage of your profits will end up going to the tax authorities at the end of each financial year. If you run a limited company, you must register for corporation tax in your home country. 

Corporation tax is paid based on a percentage of your year-end profits, once reliefs and other allowances have been taken into account. A percentage of your end profits will end up being paid over in tax, so it’s imperative that you plan for this amount, put this money away or ring-fence it in your accounts, so you have the money to pay the bill at year-end.

Good year-end planning will include tax planning - reviewing your business performance before the year-end allows you to manage your tax obligations in a more effective way, improving your tax-efficiency and (potentially) saving money.

Talk to us to get a full picture of what qualifies for tax relief and the best way to manage these aspects of your business. We can help you become more tax-efficient by advising you on discretionary expenditures, such as company pension contributions or fringe benefits. There are also specialist areas that we can advise on, for example Research & Development allowances.