Help with working out, paying and reporting corporation tax

Corporation tax is paid to HMRC on profits during an accounting period. As a rule, limited companies have to pay corporation tax, as do UK branches of foreign companies. The tax office doesn’t send out corporation tax bills: it’s down to individual business owners to work out, pay and report their own corporation tax. Companies are also responsible for claiming their own R&D tax credits.

Get advice on corporation tax

Find out what corporation tax allowances and reliefs your business can claim

You can deduct the running costs of your business from the profits you pay corporation tax on. And you can claim capital allowance on assets you buy for your business. Businesses can also take advantage of reliefs for R&D, patents and creative properties (CITR). Some organisations are entitled to marginal relief, too.

A tax accountant can help you access these corporation tax reliefs and allowances, protecting you from overpaying taxes. They will also ensure you pay on time so you don’t face penalties from HMRC.

Keeping records for corporation tax

Working out your corporation tax is a lot simpler if you have good quality accounting records. With the support of an accountancy service like NXA, you can ensure your books will provide the figures you need to accurately calculate your corporation tax.