Corporation tax is arguably one of the most challenging aspects of business to navigate, but Cobble is here to support you.
Our chartered tax advisers ensure precise compliance with HMRC regulations, minimising tax liabilities and maximising available reliefs for the best outcome.
Choose our corporation tax service to maintain your business’ tax obligations whilst prioritising your financial success - a great accompaniment to our annual accounts preparation service.
What is corporation tax?
Corporation tax is the main tax levied against limited company profits which is governed by HMRC. With varying rates of tax and a range of deductions and reliefs available, guidance from a skilled tax adviser is crucial for navigating these complexities.
How much do I need to earn before paying corporation tax?
Corporation tax obligations are contingent on company profits and corresponding tax rates. Earnings exceeding £250,000 incur the main corporation tax rate of 25%. Profits ranging from £50,000 or less are subject to the 'small profits rate' at 19%.
'Marginal Relief' may apply for profits falling between £50,000 and £250,000, and proportionate adjustments to these thresholds are made for short accounting periods and the total number of 'associated companies' within your business structure.
Is corporation tax the same as VAT?
In the UK, corporation tax is an annually calculated tax on company profits, while VAT is a consumption tax on goods and services applied at various stages of the supply chain.
Read our blog “What is VAT?” to find out more