Start-up
Small Business
Established Business
Company accounts
Bookkeeping Services
VAT
Payroll Services
Self Assessment
Company Registration
Management Reporting
Quickbooks Training
Virtual Financial Director
Tax Consultancy
EMI Schemes
Company ValuationFree Corporation Tax Calculator Template
-
Richard Jackson - 14/12/2023
One of the biggest headaches for new business owners is managing tax. Sure you’ll pay less as a percentage of your income but now it’s no longer deducted at source you have to understand how much you should be putting away throughout the year.
Corporation tax is likely to be a new tax that you will have never paid before and will apply if your contracting business is operated as a limited company.
What is Corporation Tax?
Corporation Tax is a tax that is payable from all taxable profits of any company that is based in the UK, no matter where in the world the profit was generated.
Currently, the corporation tax is charged at between 19-25% of your company's net profit and payable nine months after the company year's end.
To prevent paying your Corporation Tax from becoming a bigger headache than it needs to be, we offer our clients (and now you) a simple Excel template into which you can enter your monthly income and allowable expenditure. The template then calculates both the corporation tax due as you go through the year and the free cash available for dividends. (if you need a dividend certificate template, click here).
Paying corporation tax is much less painful if you've calculated it during the year and put it to one side rather than being hit with a huge tax bill that you were totally blind to.
As a result of using our Corporation Tax Calculator, my clients can transfer their corporation tax into a business savings account each month. When the time comes to pay, the money is ready and waiting.
Not only that, but they also have the added benefit of knowing just how much of the money in their company account is theirs to spend!
Download this simple spreadsheet, which calculates your corporation tax as you go, and move the tax into a business savings account ready to pay HMRC when due. By doing this throughout the year, Corporation tax becomes much less painful.
Link will open new window to Google Sheets where you can download and save as a master template or save to your google sheets if you have an account.
Download our Free Guide
4 Costly Mistakes Business Owners Make with Dividends
Imagine paying dividends for years, thinking you're doing everything right. But then, one day, you discover you've made a costly mistake that could ruin your business. A mistake that could have been avoided.
Don't let this happen to you. Learn the 4 common dividend errors that can destroy your business - and how to prevent them.
