Corporate Tax Planning

Strategic planning can significantly reduce a business’s corporation tax bill and thus increase retained profits. Corporation tax is an annual tax levied on your company’s net taxable profits, not necessarily your reported profits.

Every business must prepare tax computations based on their annual accounts, and then file these with the tax authorities when tax returns are submitted. It is important that these calculations are accurate because they can reduce your corporation tax liability by including tax relief for all relevant expenses and capital expenditure,through business relief and capital allowances.

Why plan in advance?

Tax bills can be minimised by forward planning. The main benefits are; the advantage that can be taken of tax breaks and also the organisation of your business affairs in the most tax-efficient manner.

If the tax authorities investigate your business, it can be an advantage to have tax professionals involved, as this generally results in favourable settlements. We can assist by:

• Tax planning and negotiation with the tax authorities
• PAYE and VAT Compliance reviews
• Investigations into tax and duties paid in the past

Riches & Company has in recent years carried out several significant tax investigations for clients and achieved favourable settlements.

Strategic planning and compliance reviews also help to ensure that penalties are avoided for technical breaches of PAYE and VAT regulations, or for late filing of returns.