Corporation tax, also referred to as corporate tax, is levied on the profits earned by companies and businesses. It constitutes a direct tax imposed on the income or capital of corporations or entities taxed as such. Typically calculated as a percentage of a company’s profits after accounting for allowable deductions or expenses.

Shah Accountants Ltd adhere to a structured process in preparing and filing taxes for corporations. While specifics may vary based on individual circumstances, the process generally includes:

1. Information Gathering: Collecting pertinent financial data.
2. Financial Records Review: Assessing company financial records.
3. Taxable Income Calculation: Determining the taxable income.
4. Tax Laws Application: Ensuring compliance with tax laws and regulations.
5. Tax Returns Filing: Submitting the corporation’s tax returns.
6. Tax Planning Guidance: Offering strategic tax planning advice tailored to the corporation’s needs.