Every business in the UK is obliged to pay corporation tax. While it can be a pain to have to hand more of your income over to the taxman, it’s the law, and as such, you need to ensure that you’re paying the full amount that you owe. Unfortunately, though, actually calculating and paying that corporation tax isn’t as simple as just being sent a bill and then paying it off. As a business owner, it’s your responsibility to figure out how much you have to pay, and then complete all the necessary forms to include with your submission.
However, since the amount of corporation tax you have to pay depends on not just how much your company earns, but various other expenditures, it can be very tricky to calculate just how much you should be paying. For this reason, many businesses end up paying too much, and this problem can carry on for years. How would you feel if it turned out you’d been forking over hundreds of pounds in unnecessary tax over the years? There are also a whole host of forms that you’ll need to carefully fill out, which can eat up valuable time that you could otherwise be spending on more pressing matters.
That’s where corporation tax software can be a real lifesaver. Instead of spending countless hours going through your books to calculate the amount of tax you owe, this handy software will scan your electronic records, to tell you just how much you are expected to pay. What’s more, corporation tax software, such as that provided by BTC Software, will also help you to easily create and complete all the necessary forms to ensure that you are fully compliant with your corporation tax. There’s no need for any other programs like Microsoft Excel, since the software is able to generate iXBRL and CT600 submissions using just the raw data from your business.
Using corporation tax software is much cheaper than hiring an accountancy firm to take care of your books, and means that you can always keep on top of how much tax you are paying. Corporation tax is an expenditure that many businesses tend to forget about, especially if they leave it to an accountant, so it could be that they aren’t actually making as much money as they think. On a monthly basis, corporation tax software will make all the calculations about your tax, with a miniscule margin of error. By utilizing this powerful tool, all business owners can be sure that not only are they being fully compliant with the taxman, but also that they aren’t handing over more than they need to.
So, if you want to ensure that your business is always on top of your corporation tax, then specialist software is definitely the way to go. Not only could it end up saving you money, but it will also give you back time that you won’t otherwise spend with your head in a spreadsheet, instead of out there earning money for your business. If you value your time as well as your income, then corporation tax software will more than pay for itself- so why not give it a try today?