Corporation tax
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments due.
The increased reporting obligations and investigation policies on the part of our tax authorities along with harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Capital Allowances
Capital Allowances can provide valuable tax relief for your business. Relief is qualifying assets such as plant and machinery, cars, vans, fixtures and fittings and commercial properties.
The capital allowance rules provide some initial key allowances:
- Annual investment allowance
- Writing down allowance on qualifying plant and machinery
- Writing down allowance on qualifying special rate assets.
These allowances are significant for small businesses allowing them to offset some or all of their qualifying expenditure on capital items in order to minimise their total cash layout by reducing the corporation tax liability that would otherwise be due.
Maximising these reliefs to their fullest is crucial and Quality Accountants (NW) Ltd has experience of identifying qualifying expenditure and allocating the expenditure to the appropriate capital allowance pools to claim the most allowances possible.