C orporation Tax is filed on all income and gains from any source for the company. There are yet certain exceptions for companies residing in the state. Companies having a branch or agency in the State with the main branch outside the State are also liable to file Corporation tax. All profits of the company, booth income and other gains have to be charged according to Corporation Tax law. The income is taxed as per the Income Tax rules while the chargeable gains are calculated according to the norms of Capital Gains Tax.
There are two kinds of rates for Corporation Tax, 12.5 % for trading income and 25% for non-trading income and there are strict definitions for aspects that come under each tax class. Based on the rules governing tax filing, we deliver proper advice on whether to register as a sole trader or as a company, taking into consideration the taxation, practical and legal issues.
It is required by law that every company files annual reports in compliance to Corporation tax returns every year. This is in addition to the Inland Revenue and works similar to every other tax filing process. It is necessary and has been mandatory to file the returns in time and filing that exceeds the time limit will result in fines and interests for the company which will affect the cash flow. The Revenue department makes constant changes every year to its penalty rules and regimes and there is no need for the business to be worried about these changes as we take care of these.
We take care of your corporation tax returns, and even represent your company and carry out negotiations on behalf of your company with the revenue department. We even act as a mediator between the department and your company solving any queries that may arise at any point of filing the tax returns.
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