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Corporation tax is calculated based on a company’s taxable profits. The taxable profit is calculated by subtracting allowable expenses and deductions from the company’s total profits. The corporation tax rate is currently set at 19% in the UK, but this rate is subject to change.
Companies can take advantage of various tax reliefs and allowances available to them. To make sure that everything is applied correctly and that you’re making the most of schemes available to you, it’s best to seek professional help.
HMRC is the UK government department responsible for collecting taxes and enforcing tax laws. It administers taxes and oversees compliance. It also investigates cases of tax evasion. Companies House, by comparison, is responsible for registering and maintaining records of UK-based companies. You must be registered with both, something that we can help you with.