The Quick Overview
Use the calculator below to work out your year end accounts and HMRC filing dates.
Corporation tax is due 9 months and 1 day after the company year end. HMRC will charge interest on late payments.
If you need any help with your Corporation Tax return, feel free to contact us here or via Whatsapp below.
Note: Taxable profit is not always the same as the accounting profit a company reports. Several adjustments are often made to account for items that are treated differently for tax purposes. Some of the common adjustments include:
Depreciation: While accounting depreciation might be used to allocate the cost of assets over their useful lives, tax laws often allow for accelerated methods or specific deductions for certain types of assets where the cost of the asset can be recognised either immediately or earlier.
Entertaining Costs: these deductions vary as to whether they are allowed or not. For example, client entertaining would be disallowed, however staff entertaining can be allowable.
Capital Expenditures: The full cost of certain assets may be deductible in the year of purchase for tax purposes, while accounting rules might require spreading the cost over several years.
Charitable Contributions: Donations to qualified charities can often be deducted from taxable income.
Carryover Losses: Losses from previous years or other companies within a group can sometimes be used to offset current year taxable income.
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