We can help with areas such as self assessment or more complicated international tax issues. We can also provide responses to the Inland Revenue in relation to the tax related services for your company.
1. Personal Tax
2. Capital Gains Tax
3. Tax compliance
5. Corporation Tax Self Assessment (CTSA)
Corporation Tax Self Assessment (CTSA) was introduced for all companies with an accounting period ending after 1 July 1999. Under CTSA, the legal responsibility for correctly calculating the corporation tax liability falls squarely on the company. Tax returns must be completed and filed within 12 months of the end of the accounting period; however payment needs to be made prior to this date.
How does this affect you?
Smaller companies must pay their tax liability within nine months of the end of the accounting period. Large companies must make payments on account in advance of this date. Large companies are those with profits over £1.5million, although this figure is reduced if the company is a member of a group. The Inland Revenue will charge interest on any underpayment. However, the Revenue will pay interest on over-payment, but at a significantly lower rate! It is therefore important that you make accurate estimates of profit.
How can Akins & Co help?
Akins & Co can advise you whether proposed asset purchases will qualify for this valuable new relief. We can also advise you of the potential liability when asset sales are proposed.