Corporate Tax

What is Corporate Tax?

Corporate tax is unfortunately an inevitability for the majority of businesses in the UK. It is a tax that’s payable against the profits a company makes. Profits are deemed as any money that is made after deductible costs and expenses and after overheads, salaries and costs are incurred. How much tax you pay can depend enormously on planning it the right way. How a business structures its affairs can have a huge impact on how much it pays. In many cases, good tax planning allows a business to reduce its tax liability.

As of April 2023 the new rate of corporate tax is as follows:

If you would like to know more about these changes, please visit our blog post on the subject. 

There are many different ways that businesses can structure themselves to get in the best position to pay lower corporate tax. The system has been designed so that businesses have a variety of different measures that determine how they are taxed. This is why corporate tax planning is so important for businesses. There are many different ways that companies can reduce their tax liability. Some examples include tax reliefs and tax efficient accounts, but there are many more.

Some examples of the tax advice we can provide with regards to corporation tax planning include:

• Minimising taxable profits
• Extracting profits tax efficiently from your business
• Changing the way your business is owned or structured
• Utilising tax losses
• How to close or dispose of your business in a tax efficient manner

At Elite Financial Accounting we can work with you to ensure you are paying the least amount of corporate tax possible for your company. We can give you expert advice and help you manage your corporate tax efficiently and effectively.