Once calculating your profit and loss specifically for Corporation tax we then calculate your Corporation Tax bill. The deadline for your tax return is 12 months after the end of the accounting period it covers.
UK Resident companies are assessed to corporation tax on their worldwide income and chargeable gains arising in an accounting period. An accounting period is not necessarily the same period as the company’s set of accounts (period of account). A chargeable accounting period (CAP) is the period for which a charge to Corporation tax is made. It is never longer than 12 months.
A company’s Corporation tax liability is calculated by applying the appropriate rate of corporation tax to the company’s taxable total profits which are arrived at from staring with the tax adjusted trading profit.
When dealing with companies taxable trading profits we need to consider many aspects, to name a few, Interest payable and receivable, Property business profit, Qualifying charitable donations, capital allowances, trading losses and dividends payable.
We calculate a company’s corporation tax liability for the relevant accounting period, each year and submit the tax return within 12 months, usually before payment is due which is 9 months. We file electronically using ‘Inline eXtensible Business Reporting Language’ (iXBRL).
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