Corporate tax law

Anyone that runs a business must be fully aware of the corporate tax law that applies to their enterprise. Ignorance of any corporate tax law that your business must comply with is no defence in court. The types of tax that your business may have to pay include:

National Insurance contributions
Income Tax
Corporation Tax
Capital Gains Tax
VAT

Each of these taxes should be managed in slightly different ways, as they have different tax rates and must be accounted for within your business. If you are in any doubt about the legal aspect of any of these taxes, and how they could apply to your business, always seek legal advice as soon as possible. Corporate tax law, when related to VAT and Capital Gains Tax, can have very high penalties for non-compliance.

Corporation Tax is sometimes confusing to small business owners. Here, tax law states that this tax is paid on your business’s profits - but this tax only applies to limited companies. Note, however, that some organisations (such as clubs and associations) that are not limited companies may also have to pay this tax under current tax law. If you are not sure about the status of your company, check this with a business solicitor.

If your business comes under investigation by HM Customs & Excise regarding an aspect of corporate tax law, the services of a tax solicitor are essential. They have detailed knowledge of the current tax laws in the UK and can apply these to your business.

Never attempt to represent yourself in any tax hearings, as the court will not look favourably on this. Your tax solicitor can help and support your business through its investigation. And if your case does come to court, they can speak for your business and help you get a positive outcome to your case.

If you would like to obtain legal advice about corporate tax law, Contact Law can put you in touch with a local specialist business / corporate tax solicitor free of charge. So, if you have any questions or would like our help in finding local business / corporate tax solicitors please call us on 0800 1777 162 or complete the web-form above.