Stay tax compliant from today
From specialist regulatory compliance to accounting advice, our services include:
Run your business with confidence with professional tax support from Macalvins. Our team will map out your year in tax, including deadlines for returns and allowances and reliefs, to ensure you stay compliant and in control.
If you’re under investigation, we can provide rapid, professional support. From building a case to negotiating with tax authorities, our experts are here to provide confidential advice.
Businesses and individuals can make huge tax savings by taking advantage of the hundreds of reliefs and allowances available to British taxpayers. Speak to our expert team today to find out how much you could be saving.
We help UK and overseas companies overcome international taxation and accounting hurdles by providing a one-stop-shop for overseas advice.
The new off-payroll working rules, coming into effect April 2021, will significantly change the employment environment for industries who rely on temporary contracted work. Our team will help you navigate this complex legislation by determining the employment status of workers and ensuring you and your staff are paying the correct amount of tax.
Our cost-effective technology solutions are made with you and your time in mind. By cutting down on paperwork, reducing admin and streamlining accounting, we’re committed to giving business owners back more hours in the day.
Talk to our digital advisors about our cloud solutions today.
Less paperwork, more practising
Our cost-effective technology solutions are made with you and your time in mind. By cutting down on paperwork, reducing admin and streamlining accounting, we’re committed to giving business owners back more hours in the day. Talk to our digital advisors about our cloud solutions today.
Corporate or business tax compliance refers to the process of meeting the legal and regulatory requirements imposed by HM Revenue & Customs (HMRC) regarding the calculation, reporting, and payment of corporate taxes by businesses operating in the UK.
In the UK, limited companies, including private limited companies (Ltd) and public limited companies (Plc), are subject to corporate tax.
Other entities, such as partnerships, sole traders, and individuals, are subject to different tax regimes.
The key corporate tax compliance responsibilities for businesses in the UK include:
- Registering for corporation tax: Businesses must register for corporation tax with HMRC within three months of starting to trade.
- Keeping proper records: Accurate and organised records of income, expenses, assets, and liabilities must be maintained for tax purposes.
- Preparing annual financial statements: Businesses must prepare annual financial statements, including profit and loss accounts, balance sheets, and cash flow statements, which form the basis for calculating taxable profits.
- Calculating taxable profits: Taxable profits are determined by making adjustments to accounting profits based on tax rules and regulations.
- Filing corporation tax returns: Businesses are required to submit corporation tax returns to HMRC, providing details of their income, deductions, and tax computations.
- Paying corporation tax: Payment of corporation tax is typically due nine months and one day after the end of the accounting period.
Yes, the UK offers various tax incentives and reliefs to businesses, such as research and development (R&D) tax credits, capital allowances for qualifying investments in assets, relief on losses carried forward, and tax relief for certain types of investments, such as the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).
Non-compliance with corporate tax regulations in the UK can lead to several consequences, including:
- Penalties and fines: HMRC can impose penalties and fines for late filing of tax returns, late payment of tax liabilities, or inaccuracies in tax returns.
- Increased scrutiny: Non-compliant businesses may face increased scrutiny, tax audits, and investigations by HMRC, potentially resulting in additional penalties and interest charges.
- Reputational damage: Non-compliance can harm a company’s reputation and relationships with stakeholders, including customers, suppliers, and investors.
- Legal repercussions: Serious cases of non-compliance may result in legal actions, including criminal charges and prosecution.
Yes, seeking professional assistance, such as from accountants or tax advisors, is highly recommended for corporate tax compliance.
Tax rules and regulations can be complex, and professionals can provide guidance on tax planning, assist with accurate tax computations and filings, and help ensure compliance with the ever-changing tax laws.
Their expertise can minimise errors, optimise tax positions, and mitigate the risk of penalties or further investigation by HMRC.