Want to rid yourself of the end-of-year tax panic? 

Professional accounts preparation services ensure accuracy and compliance with accounting standards. They provide reliable financial statements, supporting informed decision-making and meeting the requirements of regulatory bodies and potential investors.

Outsourcing accounts preparation and company tax services save your company time and resources. It allows you to focus on core business activities while ensuring that financial reporting and tax obligations are handled by professionals, reducing the risk of errors and non-compliance.

Accounts preparation services often include financial analysis and forecasting. They use historical financial data to help you understand your company’s financial trends and make informed decisions about its future.

Your corporation tax needs to be paid to HMRC.

There are a variety of ways in which you can pay HMRC, all of which can be found in detail here: · https://www.gov.uk/pay-corporation-tax

For most businesses, we simply recommend a simple bank transfer, or which the bank details are as follows:

Bank Account: HMRC Cumbernauld

Account Number: 12001039

Sort Code: 083210

In terms of a payment reference, this needs to be accurate to ensure HMRC knows where to allocate the payment to your account. This will comprise of a 17-character reference, of which the first 10 are your company’s UTR and the final 7 are a very specific set of characters. Please contact your client manager at GLX and we will ensure you pay HMRC correctly.

For limited companies, the following deadlines are applicable:

• Company accounts must be filed within 9 months of your company’s financial year-end
• Your company must make payment of corporation tax within 9 months and a day of your company’s financial year-end.
• Your company must file its company corporation tax return within 12 months of your company’s financial year-end.

As an example, if your company has a year-end of the 31st March 2024, the applicable dates would be as follows:

• Company accounts would be due to Companies House by 31st December 2024
• Your company must pay its corporation tax due by 1st January 2025
• Your company must file its corporation tax return by 31st March 2025. 

At GLX, we would ideally aim to prepare your statutory accounts within 3 months of your yearend. In the example above this would be 30th June. This gives you sufficient time to plan and prepare for your corporation tax bill rather than this being filed in December and this being short notice and a surprise bill.

As part of preparing your company accounts and tax return, we will take care of the compliance side of things in ensuring these are delivered to the appropriate places, in the right format and tick all of these boxes. We will also review your accounts to identify core areas to minimise the tax you and your company pay.

This would involve strategic planning to identify eligible deductions utilising available reliefs and allowances along with also reviewing overall tax-efficient strategies to optimise your financial position.

We have common areas which are key to specific industries and based on our experience we can help implement them. 

However, this always needs tailoring to your specific circumstances. This might involve looking at efficient ways to extract money from your business bank account so this is in your pocket, or alternatively this might look at the best ways of purchasing a new vehicle for example.