What information do I need to provide?
The following information must be filed with HMRC:
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:
- details about the company
- calculation of the corporation tax due
- details of any capital allowances claimed
- details of any losses claimed.
Taxes don't have to be taxing
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Complete a Company Tax Return FAQs
What is the corporate tax rate?
The corporate tax rate for company profits this year is 19%. The charge to corporate tax will also be set at 19% for the next financial year 2021/22 starting on 1 April 2021. You may be able to receive reliefs to your corporate tax by either a tax deduction or claim tax credits.
Which tax year are we in?
A UK tax year runs from 6 April to the following 5 April. The HMRC requires you to file your tax return and any money you owe by the 5 April deadline. There can be a second payment deadline on 31 July for income tax if you make advance payments towards your bill.
How to file a corporate tax return?
You can file your company’s corporate tax return yourself or get an accountant to prepare and file it for you. In order to file your tax return, your business needs to be registered with the HMRC. You can also file your accounts with Companies House at the same time as your tax return, although this isn’t currently a requirement.
When is a company tax return due?
Every tax year, a company tax return must be filed within 12 months after the end of your company tax accounting period. The corporation tax return must be paid within 9 months after the corporation tax accounting period. You’ll have to pay penalties to the HMRC if you do not file your tax returns by the deadline but can appeal against late filing penalties if you have a reasonable excuse.