You should pay Corporation Tax on profits from doing business as:
• a limited organization
• any foreign organization with a UK branch or office
• a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are particular things you should accomplish to work out, pay and report your tax.
1. Register for Corporation Tax when you begin business or restart a dormant business. Unincorporated affiliations should write to HMRC.
2. Maintain account records and set up a Company Tax Return to work out the what amount of Corporation Tax to pay.
3. Pay Corporation Tax or report if you don’t have anything to pay by your deadline time – this is typically 9 months and 1 day after the finish of your book-keeping period.
4. Document your Company Tax Return by your deadline time – this is typically a year after the finish of your book-keeping period.
Your bookkeeping period is normally similar to a year as the financial year covered by your yearly records.
Profits you pay Corporation Tax on
Taxable profits for Corporation Tax include the money your organization or association makes from:
• doing business (trading benefits)
• selling assets for more than they cost (chargeable gains)
If your organization is situated in the UK, it pays Corporation Tax on the entirety of its benefits from the UK and abroad.
If your organization isnt situated in the UK however has an office or branch here, it just pays Corporation Tax on profits from its UK exercises.
Stopping or restarting business
Check what you need to do if:
• You’re not doing business and qualify as dormant
• you restart your business
If you really want assistance with Corporation Tax, you can:
• appoint CAPS-IT as your tax consultant to help you.
• contact CAPS-IT helpline.