Corporation Tax applies to the taxable profits of limited companies and certain other organisations. These profits can include trading income, investment income and chargeable gains on asset disposals. The amount due depends on the company’s circumstances and the reliefs available.

Tax liabilities can become complicated when there are various income sources involved. Tax reliefs and allowances are constantly changing, and can have a serious impact on your corporation tax liability. 

Praxis helps limited companies prepare accounts, calculate Corporation Tax and review the allowances and reliefs available. Sole traders and individual partners are generally taxed on their business profits through Income Tax instead; we can advise on those responsibilities separately. Our company tax services include:

• Corporation tax calculation and filing
• Minimising tax liability using reliefs, allowances, and credits.
• Representation and advice in the event of HMRC investigations.

Corporation tax reliefs and incentives

Your business is unique in terms of the tax allowances and reliefs it can qualify for. UK tax legislation is an ever-changing environment that has many options to choose from. Tax advisors at Praxis are highly experienced in all manners of tax reliefs and allowances, and we can create a custom tax solution for your business. 

Corporation tax on sale of business assets

Company taxes are due if you make a profit when selling any business assets. These may include equipment, land, or other related items. This is called a corporation tax on chargeable gains and is paid by UK limited companies as well as foreign companies with UK branches. You must report any gains when filing your corporation tax return with HMRC. This tax is directly affected by all the reliefs and allowances your business claims. 

Tax advisors at Praxis can assist you with working out the corporation tax you have to pay. We will check for all allowances and reliefs your business can utilise, reducing your overall tax bill as much as possible. 

Tax credits on research and development

Research and development tax relief may be available to companies undertaking qualifying work in science or technology, including some projects that do not succeed. The applicable scheme, qualifying costs, notification requirements, supporting information and filing deadlines depend on the accounting period and the company’s circumstances. We review eligibility and the evidence required before a claim is submitted.