Corporate Tax and Returns

Tax planning when looked into effectively could potentially save your family or businesses thousands of pounds.

Our team of tax advisors are in a position to tell you everything you need to know about protecting your assets from the tax man. Tax planning has become evidently more and more important due to the government’s decision to freeze a vast amount in lifetime exemption without increasing it, so our consultants are always on hand to break down the ins and outs and assist you in planning effectively for the future.

Helping you with corporate tax responsibilities

The completion of tax returns and statutory obligations are extremely important jobs and the accountants that we have on board are more than capable of completing the relevant forms and in turn advising you on your tax position and liabilities, however at Saul Fairholm our tax advisor’s go that one step further and help you to fully maximise your tax planning opportunities. The ultimate goal of tax planning is to arrange your financial affairs in such a way so as to minimise your taxes.

How corporate tax works

Corporate tax is not based on the revenue of a business but on the tax-adjusted profits it makes. The corporation tax rate in the UK has been 19% for all limited companies since April 2016.

At Spring Budget 2021, the government announced an increase in the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000 together with the introduction of a small profits rate of 19% with effect from 1 April 2023. The small profits rate will apply to companies with profits of not more than £50,000, with marginal relief available for profits up to £250,000.

As your advisors, we would ensure that you are fully up to date with matters involving corporate tax so that you can forward plan any changes in legislation or circumstances that affect your tax rates.