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.
All limited companies must complete a company tax return (CT 600). The return must be sent to HM Revenue and Customs (HMRC) within the correct period of time.
We will look at the key features of the CT600, which is produced automatically via online filing. A copy of the form can be downloaded below for reference.
|Boxes that require completing||Details/Action required|
|Company information Boxes 1 - 4||The basic company details.|
|About this return Boxes 30 - 35||The return must stte the accounting period to which it relates.|
|About this return Boxes 80 - 85||Tick the relevant box.|
|Tax calculation Box 145||Turnover - from the profit and loss account.|
|Income Boxes 155 - 190||Box 155 Adjusted profit from the corporation tax computatiion. Box 160 Trading losses brought forward and offset in this accounting period. Box 170 Income from non trading loan relationships - bank interest. Box 190 Property income.|
|Chargeable gains Boxes 210 - 220||Chargeable gains.|
|Profits before deductions and reliefs Boxes 235||The amount on which corporation tax is payable.|
|Tax calculation Box 440||The corporation tax due for period.|
For more on using use HMRC's free filing services click here.
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.
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.
Companies must file their corporation tax return online with HMRC. The documents which must be submitted alongside the tax return, are the accounts and corporation tax computations.
Companies must register with HMRC to file online and obtain a user ID and password.
Companies may use the free software provided by HMRC to submit the tax return, or they may purchase software which is commercially available.
Late filing penalties from HMRC are:
Use HM Revenue and Customs’ (HMRC’s) online service to file a tax return for your company, charity or association.Read more
HMRC currently offers two free services for filing your Company Tax Return - a downloadable PDF and a new online service. Both options are designed for unrepresented companies with straightforward affairs. You can use whichever one best suits your circumstances.Read more
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