In this section we are going to cover Business Tax, also know as corporation tax, and Statutory accounts which need to be submitted to Companies house.
Corporation tax, this has the biggest impact on your business, as it is a tax on the profits of your business.
All limited companies must pay corporation tax on profits from doing business, the rate at which tax is paid, can change, GMS Accountants would recommend checking on the HMRC website for the latest rate.
Corporation tax needs to be paid to HMRC, this is usually 9 months and 1 day after the end of accounting period and reported 12 months after the end of the accounting period. For example, if your year ran from the 1st January 2021, through to the 31st December 2021, you need to have paid your corporation tax by the 31st October 2022, and reported it by the 31stDecember 2022.
Tax can be very complicated, and in this instance GMS Accountants highly recommend using an Accountant, or tax specialist to complete your tax return. This is so that you pay the right amount of tax, maximising the profits from your business.
The deadline for submitting Statutory Accounts is 9 months after the accounting year end, which would be the 30th September 2022 using the above example.
There are various rules which determine the type of accounts that can be submitted to companies house. GMS Accountants would advise using an accountant to file these on behalf of the business. Accountants have the knowledge and understanding to prepare the accounts as required.
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