| Corporation Tax Records
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| | at a lower rate on instalment repayments
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| All companies are required by law to
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| | of Corporation Tax as is the practice on
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| maintain records of that company's
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| | all late tax payments.
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| transactions in a manner that must be
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| | Accounting Periods straddling 1 April
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| adequate to enable the company to produce
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| | The effective date for changes in the
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| an accurate Company Tax Return. Company
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| | Corporation Tax rate applicable in recent
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| tax records must be kept for a minimum of
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| | years has been 1 April each year as
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| six years from the end of the accounting
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| | opposed to the 5 April for unincorporated
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| period and longer if the accounts are
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| | businesses. For companies with accounting
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| submitted late or being enquired into by
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| | periods that straddle the 1 April
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| the Inland Revenue. Company tax records
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| | separate calculations are required for
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| must include all original sales receipts
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| | the period before 1 April and after 1
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| and purchase expenses. Under the
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| | April based upon the number of days in
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| Companies Act legislation registered
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| | each accounting period. As a proportion
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| companies must also keep accounting
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| | of 365 (366 in leap years such as 2008)
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| records.
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| | No Corporation Tax Due
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| Companies are responsible for calculating
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| | Companies are required to advise HMCE by
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| their own corporation tax liability and
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| | either submitting a company tax return or
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| paying the corporation tax without prior
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| | informing them by completing the HMCE
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| assessment by the Inland Revenue.
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| | form for this purpose or at the very
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| Companies which fail to deliver their tax
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| | least returning the payment slip marked
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| return by the statutory fling date which
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| | "NIL due". All communications should
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| is normally 12 months after the
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| | state the corporation tax payment
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| accounting period are liable to
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| | reference which can be found on the
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| penalties. An accounting period normally
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| | payment slip. This reference number is
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| being 12 months - can be shorter but
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| | specific to each accounting period and
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| never longer.
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| | must be quoted accurately.
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| Should a company submit the CT600
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| | Filing Corporation Tax Return Online
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| Corporation Tax return form without the
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| | Most companies and their agents can file
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| accounts then it is treated as not having
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| | company tax returns online.
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| submitted a tax return form.
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| | The computations, financial accounts and
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| Current Company Tax Return Forms
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| | other supporting documentation must be
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| The latest version of the CT600 form for
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| | sent in PDF format with some approved
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| 2007 has been available for download from
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| | software products being sent in XBRL
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| the Inland Revenue website since 31
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| | format. Filing the company tax return
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| August 2007. The Corporation Tax Return
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| | online has the advantages of speed, can
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| Form CT600 Version 2 contains two small
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| | be done 24 hours a day and the software
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| changes from the previous 2006 version.
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| | calculates the tax liability.
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| CT600 (short) for small companies has an
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| | Using the CT Online service also allows
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| additional box on Page 1 so that a
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| | the company's tax position to be viewed
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| company which is a member of a group
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| | including any interest or penalties that
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| other than a small group can identify
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| | have been charged. Company details such
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| itself.
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| | as telephone, fax, addresses and email
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| The same additional box is on CT600 plus
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| | addresses can be changed and agent
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| a new box on page 3 of the 8-page form so
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| | details can be added or changed.
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| that a company with ring fence profits
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| | Authorised agents can also view client
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| can show the ring fence profits included
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| | company corporation tax positions and
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| in its figure of total profits.
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| | liabilities.
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| There are no changes to other forms in
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| | Inland Revenue Enquiries into Company Tax
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| the CT600 series at present and all the
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| | Returns
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| CT600 Supplementary Pages published in
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| | Enquiries into Company Tax returns are
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| 2006 remain valid and will probably
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| | governed by rules and codes of practice.
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| remain so until at least after the 2008
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| | HMCE have at least 12 months from the
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| Chancellor's Budget.
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| | statutory filing date to commence an
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| Corporation Tax Rates
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| | enquiry when the company tax return has
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| While the main rate of Corporation Tax
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| | been submitted on time and longer if the
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| remained at 30% in 2006 and 2007 which
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| | return is submitted late.
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| will be reducing to 28% in 2008. The
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| | Companies are advised in writing when an
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| small company corporation tax rate
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| | enquiry starts and ends. If no
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| applicable to companies with annual
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| | adjustments are required HMCE advise the
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| profits under £300,000 was increased
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| | enquiry has finished. Any adjustments are
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| from 19% in 2006 to 20% effective on
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| | also advised in writing and the company
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| profits earned after 1 April 2007 and is
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| | then has 30 days to file an amended
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| set to increase further on 1 April 2008
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| | Company Tax Return failing which HMCE
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| to 21% and to 22% from 1 April 2009.
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| | will amend the return.
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| Corporation Tax on ring fenced profits
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| | At any time during an enquiry a company
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| being income and gains from oil
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| | can apply to the Inland Revenue
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| extraction activities or oil rights in
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| | Commissioners for an enquiry to be
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| the UK and UK Continental Shelf remain at
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| | closed.
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| 19% for small companies and 30% for
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| | Separate codes of practice exist for
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| larger companies.
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| | local offices and specialist compliance
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| Interest is charged on late payments and
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| | offices.
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