0843 455 0045 Help With Company Tax.
Corporation tax is the tax a business must pay on any profits made through the sale of goods or services. This payments are not automatically billed and must be worked out and paid by the business before the end of the tax deadline, up to 9 months after the last accounting period. This can be a daunting task for new business owners who do not have the services of an accountant. Help and advice on how to work out and pay your payments are available by calling corporation tax Number. Once you have paid your corporation tax, you then have a further 3 months in which to report any tax paid by filing a tax return form.
The current main rate stands at 20% and is payable by all registered businesses. This rate changes each year and the amount you need pay is calculated using the rates for the year in which your accounting period falls e.g. profitable income gained in 2015 will be taxed using the rates for 2015 even if the taxed is calculated and paid in 2016.
Corporation Tax Contact Number 0843 455 0045.
This rate also differs slightly depending on the amount of profit your company has made. Profits of £300,000 and less are taxed at a lower rate. The corporation tax customer service team will be able to give you the updated rates and advice as to which rates you will need to use when working out how much tax you owe.
Alongside the rates, there are also allowances that are made for the costs associated with running a business. These costs need to be deducted from the company profits prior to calculating tax. You can also claim for capital allowances on the cost of any equipment or machinery bought for use by the company e.g. office equipment such as electronics and furnishing can be deducted from company profits before tax.
There are also several reliefs available under certain circumstances e.g. if your company is focused around entertainment media, you can apply for a CITR which would allow you to convert any ‘loss’ into payable tax credit. Advice on what allowances or reliefs your company could claim for is available by using the helpline number.
Contacting The Tax Office 0843 455 0045.
Corporation Tax Services,
HM Revenue and Customs,
Phone: 0843 455 0045.