Business Tax
Corporate Tax Planning
We can relieve you of the burden that corporation tax administration presents, and can minimise your exposure to corporate tax.
Corporate Tax Planning
At Magnus Accounting we can advise companies in the Aberdeenshire area about all aspects of corporation tax and corporation tax planning. Here is an introduction, but contact us for more advice.
The main rate of corporation tax increased from 19% to 25% on 1 April 2023 for companies with profits over £250,000. The 19% rate became a small profits rate payable by companies with profits of £50,000 or less. Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief, providing a gradual increase in the effective corporation tax rate.
Corporate Tax Self assessment (CTSA)
A company has to compute its own corporation tax liability and pay this by the due date, which is usually nine months and one day after the end of its accounting period. Larger companies pay corporation tax by instalments.
A company tax return has to be filed with HMRC within twelve months of the company’s year end.
Interest is charged on late payment of corporation tax, and there are also penalties for late filing of a company tax return.
- a company is required to pay the tax due in advance of filing a tax return
- a 'process now, check later' enquiry regime when the tax return is submitted
- the inclusion in the tax return, and in a single self assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation
- the requirement for companies to self assess by reference to transfer pricing legislation.
Magnus Accounting handles routine matters relating to Pay as You Earn (PAYE), VAT, national insurance and other business taxes.
We can relieve you of the burden that corporation tax administration presents, and can minimise your exposure to corporate tax.
We will determine the most tax-effective structure for your business; assist you in accessing the appropriate tax opportunities and reliefs; help you to achieve the optimum capital or revenue tax treatment; minimise tax on disposals, and maximise relief on any acquisitions.
Magnus Accounting will also assist you in remaining compliant with the corporation tax self-assessment demands and act on your behalf in discussions with HMRC.
Planning to minimise corporate tax can have a significant effect on your bottom line.
So get in touch with us today to make the most of our corporate tax planning services.
Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.
If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.
The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.
Year to 31.3.26:
| Rate | Profits band (£) | Rate (%) |
|---|---|---|
| Small profits rate | 0 - 50,000 | 19 |
| Marginal rate | 50,001 - 250,000 | 26.5 |
| Main rate | Over 250,000 | 25 |
| Marginal relief fraction | 3/200 |
Speak to one of our professionals today. Call our friendly team on + 44 7521 600065 or email us at info@magnusaccounting.co.uk
Ruchi is an absolute star. I’m a sole-trader and she keeps me firmly in check and makes sure I’m remembering to claim for all the right things. She doesn’t mind when I present her with a box of receipts, although she does try and make me more organised. Her work is always faultless, prompt and if I ever need anything she is happy to help me without me having to make an appointment. I recommend Magnus Accounting to all my clients.
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Glad i chose Magnus Accounting for all my business and personal accounting service.
Highly Recommended.
Vikesh Sharma
Magnus accounting has been proving accounting services to my company from the last 18 months, before this, I have used various high profile accountant, but I found work by Magnus accounting to be very accurate and reliable. Magnus accounting’s intricate knowledge of finance and budgeting was a tremendous help to me and my company, so I recommend highly.
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Magnus accounting has been with us since the start of our business and they have helped us from day one to put system in place and also provide payroll service ,VAT service ,Pension and overall book keeping and accounts management .Both Ruchi and Sashin are great professional and just a call way for all your personal and professional business and accounts need . Thank you guys for wonderful service !
Jagdish Bisht
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