What Is Corporation Tax?
Corporation tax is a requirement and must be paid at regular intervals throughout the year. if your business is based in the United Kingdom. Collected by HMRC, you will not receive a bill addressing this. Within your accounting software, you should manage these obligations and thus ensure you do all you can to avoid unexpected expenses.
For general enquiries email, for any more detailed information or calculating the amount owed, you can always make a telephone call and contact the HMRC office for quick and easy help. This direct number will put you through to a representative who will be able to help.
Get in touch with HMRC by phone:
For any questions regarding Corporation Tax or general enquiries, you can contact the HMRC Phone Number.
Before calling HMRC, you need the company’s 10-digit unique tax reference. You can always find this code on any letters sent by HMRC, and also on your online corporation tax account accessed online. Their lines are open from 8 AM to 6 PM, Monday to Friday, and are closed over the weekend.
Address:
For general enquiries on corporation tax, you can write to HM Revenue and Customs at the address indicated below. You will need to put your 10-digit unique tax reference number on your letter. For specific queries on specific topics of you can mail to the address given below.
Corporation Tax Services
HM Revenue and Customs
BX9 1AX
United Kingdom
Any UK company that receives any profits must pay UK Corporation Tax. Businesses that are not operating in the UK are usually exempt from UK corporate tax. UK corporate tax is not imposed on all UK companies the same way, the best thing to do is to check what other types of companies are exempt from UK corporation tax.
What Is Required To Pay Corporation Tax?
Taxable profits are the tax which you financial gain from your business and these can be paid on:
• Trading Profits
• Profits From Investment
• Profits Gained From Selling Assets
All companies operating in the UK must not only pay corporation tax on profits made in the UK, but also on profits made abroad. This filtering system will help eliminate blurred profits and filtering out international operations.
Corporations must submit their annual tax return on their own, and companies using their own VAT number need to ensure that they keep track of business activity and product sales. To prepare for your company’s corporation tax and company accounts, you should do a few things:
1. Firstly, to commence business in the UK, your company must register with HMRC. Or to restart a dormant company, contact HMRC for permission to do so. If club or association then you must write to HMRC using the address above.
2. You should record your business start-up on the date of your first asset acquisition before the tax year starts. At the same time, you must prepare your company’s tax returns (of course, before the tax year ends), on the basis of which you can calculate how much you need to pay.
3. Next, you will need to pay your corporation tax or let HMRC know if you have nothing to pay for that year. Therefore, it’s important to check your personal deadline to make sure you do not miss a payment.
4. Once you have lodged your business tax return, you will need to submit it to the Tax Office by your set personal deadline. In this process, your company taxes, as well as taxes for your employees as well as for yourself, will have been delivered from the Tax Data agency.
If you face or have ever had any questions regarding your corporation tax, then be sure to call the corporate tax contact number where an adviser will be able to help and answer any questions.
You can pay corporation tax in a number of ways to suit your business. It is possible to pay with your credit or debit card from your bank, from any of your building society accounts, from online banking or from the post office.
Taxes will apply to your business, meaning that there are certain tax deadlines. There are two main ways of paying these taxes. They are annual tax instalments, typically 9 months after the period of accounting ends, or large annual tax liabilities, typically paid one month after the end of the financial year.
Through the corporation tax payment deadline, you avoid HMRC civil interest charges. If you pay the corporation tax early, HMRC will also pay you interest on your payment.
How To Corporation Tax?
For those paying corporation tax, different methods can be used according to the business needs. Choose from online or telephone banking where it would take a day to reach HMRC, if it is already set up, with payment by credit card, through a bank payment system and at locations or with a debit or credit card machine or with bank transfer take around 3 working days to clear. If you haven’t already set up your Direct Debit payment to HMRC, allow for 5 working days for it because delays could occur. If your date falls on a weekend or bank holiday, then you will need to ensure the payment reaches HMRC before this date.
The corporation tax percentage is 20%, being paid based on the profit your company made in its previous accounting year. In some cases, allowances and reliefs will be available when you work out the amount of corporate tax for your business. You can reduce the amount of corporation tax on your business when you use website tracking tools to monitor its activity while deducting running costs from corporation tax. That’s when Capital Allowance is counted against your profit. These include property that you use within your business, like machinery or equipment.
Contact HMRC or all the questions you may have regarding corporation tax, please call this number and you will relate to a representative who will be happy to help you with your questions.