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Sales Tax and Corporation Tax

As one of the leading firm in UK, we FinSol Tax Advisors offers experienced and qualified Sales tax advisors. Our professional advisors provide wide range of services and help to solve your problem.

Sales tax: The sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services.

The Sales Tax records things for the accounting period like:

• your total sales and purchases
• the amount of VAT you owe
• the amount of VAT you can reclaim
• what your VAT refund from HMRC is

You must submit a VAT Return even if you have no VAT to pay or reclaim.

Corporation Tax: The Corporation Tax rate for company profits is 20% You pay Corporation Tax at the rates that applied in your company’s accounting period for Corporation Tax.

You must pay Corporation Tax on profits from doing business as:
• a limited company
• any foreign company with a UK branch or office
• a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
• Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
• Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
• Pay Corporation Tax or report if you have nothing to pay by your deadline – this is usually 9 months and 1 day after the end of your ‘accounting period’.
• File your Company Tax Return by your deadline – this is usually 12 months after the end of your accounting period.

Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.

With our wealth of experience we pride ourselves on delivering an excellent service to all clients. Contact us to know about our services!

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