Company Tax

The Small Business Guide to Corporation Tax

Here at WatkinsonBlack, we help clients to maximise profits. We aim to keep all overheads, including Corporation Tax to a minimum. Our strategic tax planning maximises the advantages of the tax system, allowing your business to save significantly. We offer Company Tax Service to clients in Warrington and throughout the Cheshire, Merseyside and Manchester area. Our fully compliant tax accountants provide you with a cost-effective service. Giving you peace of mind.

What Do I Need To Pay Company Tax On

A company must pay corporation tax on the trading profits, investments, and sold assets of the business. Company assets include land, property, equipment, machinery and company shares. The current tax rate for the 2018-2019 financial year is 19%. This is now a standardised rate for all businesses.

When Is the Corporation Tax Return Deadline

The deadline to pay your Corporation Tax bill is nine months and one day after the end of your accounting period for your previous financial year, so if your accounting period ends on 31 March, your Corporation Tax deadline is 1 January.

Can I Get Company Tax Allowance/Relief

You can deduct the costs of running the business from your company’s profits before tax when preparing your accounts. But, if you or your employees get any use from something, it must be treated as a benefit. Examples of tax allowance include but are not limited to:

  • Mileage
  • Accommodation
  • Training

You must be able to provide evidence of them being necessary for business purposes. Unfortunately costs for ‘entertaining clients’ does not fall under company tax allowance. Your company may also be eligible for tax relief under these circumstances:

  • Research & Development (R&D) Relief– Working on innovative projects in science and technology.
  • Creative industry tax reliefs– Industries such as film, television and video gaming can claim a larger deduction.

If you need help with company tax, our reliable accountants are on hand to help. Contact us today.