All limited companies must complete a Company Tax Return. The return must be sent to Her Majesty’s Revenue and Customs (HMRC) within the correct period of time.
A Company Tax Return is called a form CT600. HMRC will issue a “notice to deliver a tax return” shortly after the end of a company’s accounting period (usually the year end date).
You can prepare and file your own Company Tax Return. However, unless you feel completely confident in completing the return yourself, then it may be advisable to employ the services of an accountant.
If you require further advice or help click here to find an accountant.
The following must be filed with HMRC:
A set of accounts will usually consist of:
Corporation Tax computation (calculation)
Profits per the accounts and taxable profits are often not the same figure, there are certain figures included in the profits for accounts purposes that are not included in the profits for Corporation Tax purposes.
A Corporation Tax computation can be used to calculate the adjusted profits for Corporation Tax purposes. The rules are complicated, and your accountant will be able to complete this for you.
Company Tax return
The main information contained within the return is:
There are different deadlines for filing the return and the payment of tax:
For example – a company with a year-end 31 December 2016 must pay any Corporation Tax due by 1 October 2017 and file the return by 31 December 2017. In practice, these things are usually filed together.
If a Company Tax Return is filed late the company will incur financial penalties.
Changes can usually be made within 12 months of the date a return is filed. HMRC may charge financial penalties for errors made.
HMRC may carry out a compliance check to confirm that the figures which have been filed are correct.
Your company or association must file a Company Tax Return if you get a notice from HMRC. You must still send a return if you make a loss or have no Corporation Tax to pay. You don’t send a Company Tax Return if you’re self-employed as a sole trader or in a partnership - but you must send a Self Assessment return.Read more
All limited companies must complete a company tax return (CT 600). The return must be sent to Her Majesty’s Revenue and Customs (HMRC) within the correct period of time.Read more
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