It is mandatory for all Limited Companies to file a corporation tax return, also known as a CT600, with HMRC, within twelve months, after the end of the financial year. This tax is a calculation on the profit that is made during that Accounting Period (AP) known also as the CAP (Chargeable Accounting Period) and this is still needed even if, in the period, a loss was made.
An Accounting Period cannot be more than twelve months. If a return is submitted late, then there will be penalties to pay and interest will also be charged and even although the CT600 does not have to be submitted for twelve months, payment must be made within nine months and one day following the financial year end.
Like a lot of other UK taxes, Corporation Tax can be overly complex. With frequent changes made to tax reliefs, rates, and legislation you will need professional advice if you are to reduce and keep to a minimum your liability to tax.
For an individual, a sole trader or someone in a partnership, Corporation Tax is not a requirement. These groups will pay through their own self-assessment tax returns that are also known as Personal Tax Returns or as an SA302.
There is no doubt that planning is always going to be the best way to handle your tax affairs and to ensure you don’t have to pay any more tax than you have to. Whatever you need to do with your own or your businesses tax affairs you can be sure that at National Accountants we will always be on hand for advice and to ensure you pay no more than you have to.
It is our job to know all about an opportunities and tax reliefs that you might be eligible for so that you can minimise your tax liability. You can rely on us to always be updated on these matters.
Not only will we calculate your CT600 and ensure that it is submitted to Her Majesty’s Revenue and Customs but we will also act as an agent so that we can deal with the Revenue directly, for you.
Missed deadlines mean fines to pay so as your accountants we will always make certain that you are always in time and in date with your tax compliance.