Coporation Tax in Tyne and Wear

Get in touch

Corporation Tax Planning in Tyne and Wear

At The Tax Advisors, we understand that navigating the intricacies of Corporation Tax can be challenging for businesses of all sizes.

As a team of professional and affordable tax accountants based in the UK, we are dedicated to helping you manage your tax obligations efficiently, allowing you to focus on growing your business.

Get in touch

What is Corporation Tax?

Corporation Tax is a levy on the profits of companies and other incorporated entities in the UK. It applies to UK-resident companies and non-resident companies with a permanent establishment in the UK.

The current Corporation Tax rate in the UK is 25% as of April 2023, but this may vary depending on government policies and the specific circumstances of your business.

Key Corporation Tax Deadlines

  1. Filing the Company Tax Return (CT600): This must be submitted to HMRC within 12 months of the end of your accounting period.

  2. Payment of Corporation Tax: The payment is due 9 months and 1 day after the end of your accounting period.

  3. Quarterly Instalment Payments (QIP): Larger companies may need to pay their Corporation Tax in quarterly instalments if their taxable profits exceed a certain threshold.

Missing these deadlines can result in penalties and interest charges, so it's essential to stay on top of your tax obligations.

How The Tax Advisors Can Help

At The Tax Advisors, we provide comprehensive support for all your Corporation Tax needs, including:

  • Calculation of Corporation Tax liabilities: We ensure accurate calculations of your tax obligations, considering all available allowances and reliefs.

  • Preparation and submission of the Company Tax Return (CT600): Our experts handle the entire process, from gathering the necessary financial information to filing your return with HMRC.

  • Tax Planning: We offer tailored advice to optimise your tax position and help you reduce your Corporation Tax liability.

  • Dealing with HMRC: We represent your company in any communications with HMRC, ensuring that all queries and disputes are handled professionally.

Frequently Asked Questions (FAQs) about Corporation Tax Accounting in Tyne and Wear

1. What is the Corporation Tax rate in the UK?

As of April 2023, the standard Corporation Tax rate in the UK is 25%. However, small companies with profits under £50,000 may qualify for the small profits rate of 19%.

2. What expenses are deductible for Corporation Tax in NE37 1?

Deductible expenses include costs that are "wholly and exclusively" for business purposes, such as salaries, office rent, equipment, and marketing expenses. However, capital expenditures are generally not deductible, though they may qualify for capital allowances.

3. Can I carry forward Corporation Tax losses?

Yes, trading losses can be carried forward to offset against future profits, reducing your future Corporation Tax liabilities. Additionally, losses can sometimes be carried back to claim a refund for previous years.

4. What happens if I miss the Corporation Tax payment deadline?

Missing the deadline for payment of Corporation Tax can result in penalties and interest charges. It's crucial to ensure timely payment to avoid these additional costs. At The Tax Advisors, we help you manage deadlines effectively to prevent any issues.

5. How can tax planning help reduce Corporation Tax?

Effective tax planning involves strategies such as maximizing available reliefs and allowances, adjusting the timing of income and expenditures, and considering the structure of your business. Our team at The Tax Advisors can help you develop a plan that minimises your Corporation Tax liability while ensuring compliance with UK tax laws.

Why Choose The Tax Advisors?

  • Expertise: Our team comprises qualified accountants with extensive experience in UK tax law, ensuring you receive the best advice.

  • Affordability: We offer competitive rates without compromising on the quality of our services.

  • Personalised Service: We take the time to understand your business and provide tailored advice that meets your specific needs.

  • Proactive Approach: We keep abreast of the latest tax legislation, ensuring your business remains compliant and benefits from any new tax-saving opportunities.

Contact Us Today

If you need help with Corporation Tax or any other tax-related matters, The Tax Advisors are here to assist.

Contact us today to arrange a consultation and discover how we can support your business in achieving tax efficiency.

Get in touch

We cover Tyne and Wear

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for coporation tax
Offerton Greenside Stargate Winlaton Bensham Wickham Fell High Dubmire South Gosforth Lintzford Usworth Ryhope Dudley Blaydon Haughs Willington Quay Grangetown Brenkley Harlow Green Deckham Primrose Concord High Shields Battle Hill Bishopwearmouth Hebburn New Town Murton Newburn Mount Pleasant South Shields Middle Herrington Low Greenside Heaton Fence Houses Penshaw Sheriff Hill Portobello East Holywell Coxlodge New Herrington Hebburn Axwell Park Doxford Park Eighton Banks Whitburn Whiteleas Chirton Billy Mill Callerton Lane End Newbiggin Hall Estate Gosforth Hendon Saltwell Washington Highfield Howdon Pans Donwell Great Eppleton Percy Main Woolsington East Gateshead Longbenton Pallion Wardley Lemington South Hylton Bar Moor Felling Shore Humbledon Coalburns Byermoor Preston Thorney Close Ayton Palmersville Roker Hasting Hill Hebburn Colliery Throckley Glebe South Bents West Jesmond New Town Spital Tongues Washington Village Hillview Low Thornley Whitehills Brunswick Village New Silksworth Rosehill Clara Vale Newbottle Millfield Callerton East Boldon Springwell Crawcrook Kenton Bar Tyne Dock Annitsford Fenham Leadgate Kibblesworth Marley Hill Rainton Bridge Crookhill Fellside Cleadon Monkton St Peter's Fordley Burnside Sunniside Newcastle upon Tyne Columbia North Shields Killingworth Village Benwell High Southwick Forest Hall Grindon Chowdene Westerhope Gateshead Walker Earsdon Monkwearmouth Bill Quay Kenton Bank Foot Lobley Hill Burdon Monkseaton Simonside Hedworth Burradon New Town Hetton Downs West Harton Follingsby Old Fold Heworth Barmston Old Burdon Barley Mow Fellgate West Chirton Stony Gate Birtley Blaydon Burn Castletown Ayres Quay New York Hylton Red House Albany Downhill East Herrington Pelaw Houghton-Le-Spring West Monkseaton Winlaton Mill Meadow Well Blakelaw Howdon Chopwell Team Valley Blackfell West Denton Westoe Carr Hill Deptford West Herrington High Moorsley Colliery Row West Holywell Wallsend Boldon Colliery Tunstall West Boldon Sulgrave Hylton Castle Lady Park The Lawe Blackhall Mill Grasswell Path Head Seaburn Rickleton Biddick Hall Jarrow Teams Shiremoor Ryton Woodside Low Eighton Hooker Gate Walbottle Southwick Whitley Sands North Hylton Wrekenton Middle Rainton Sunniside Horsley Hill Sunderland Backworth Killingworth Moor Philadelphia Chilton Moor Swalwell Pennywell Dunston Hill Black Callerton Denton Burn Ryton Killingworth Lyons Kingston Park Dunston Witherwack Hazlerigg Springwell Willington Whickham Barlow Rowlands Gill Jesmond Dinnington Hetton-Le-Hole Tynemouth Beacon Lough Byker West Park Seaton Burn Windy Nook Cullercoats Low Fell Whitley Bay Street Gate East Denton North Walbottle Blaydon Carley Hill Scotswood East Howdon Lamesley Hetton-le-Hill Harton Fawdon Elemore Vale Camperdown Cleadon Park High Spen Bank Top Bell's Close West Moor Elswick Stella West Allotment Low Moorsley Marsden Holy Cross Easington Lane Farringdon Fatfield Fulwell Marden East Rainton Oxclose St Anthony's Felling Preston Grange Lambton Wideopen Kenton Walkergate Biddick Shiney Row Marley Pots Harraton