Ensuring compliance while maximising tax-efficiency. Gravitate handles your Corporation Tax returns for you, from calculation to submission, so you can focus on growing your business.
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Gravitate is all about optimisation and efficiency through automation, and we apply this principle to all clients. Using the latest accounting technology, we will ensure your business benefits from accurate tax calculations, flawlessly prepared CT600 tax returns, and all available tax-saving opportunities.
We work with businesses of all sizes, including start-ups and SMEs, larger limited companies, complex group structures, contractors and freelancers. Whatever your business size and position, you will receive the same level of service.
Our aim is to ensure all allowable expenditure is identified and included on your tax return, and optimise your tax position
Our cloud-based software tracks your business finances in real time, reducing errors, automating calculations and seamlessly integrating with HMRC. Technology saves you time, improves accuracy and reduces stress about compliance.
From a Corporation Tax perspective, this ensures tax-sensitive codes are accurately tracked to ensure it is offset against profits wherever possible.
Our team will help you identify all tax-saving opportunities available to you. We can automate deductions and analyse your financial data in real time to pinpoint tax reliefs, allowances and credits for maximum savings.
Corporation Tax is a tax levied on the annual profits of UK limited companies and other qualifying organisations. It is paid for by Limited companies, foreign companies with UK branches, as well as clubs, co-operatives and other unincorporated organisations.
The current main rate of Corporation Tax in the UK is 25%. This is paid on profits over £250,000. Smaller companies with profits up to £50,000 pay a reduced rate of 19%. A marginal relief rate applies for profits between these thresholds.
The Corporation Tax return (CT600) must be filed within 12months of the end of the respective accounting period. The Corporation Tax must usually be paid within 9 months and 1 day after the accounting period ends. At Gravitate, we aim to have the tax computation filed within a few months to make sure you have time for cashflow planning relating to the payment.
If you do not file your Corporation Tax return by the deadline, you will face penalties from HMRC.
- A penalty of £100 is issued if it is 1 day late
- A further £100 will be payable after 3 months
- After 6 months, HMRC will add a penalty of 10%of your estimated unpaid Corporation Tax
- After 10 months, an additional 10% of unpaid tax will be applied
There are several useful Corporation Tax reliefs available to UK companies, including R&D Tax Reliefs and Patent Box, which incentivise innovation. Capital Allowances can also be claimed on equipment purchases. Annual Investment Allowances and Loss Reliefs can also be extremely useful.
HMRC may issue penalties and fines under the new penalty system based on a points-based system. Repeated non-compliance may lead to fines.
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