If HM Revenue & Customs (HMRC) thinks your company may owe Corporation Tax, it could send a ‘notice to deliver a company tax return’.
A company tax return (form CT600) is the document you use to report your company’s profits or losses for the tax year.
It is used to work out how much Corporation Tax a business owes on its profits, so you must get it right. Even if your company made no profit at all, HMRC will still expect to see a company tax return from you.
If you are self-employed as a sole trader or in a partnership, you do not need to send a CT600, but you must send a Self Assessment return.
What it involves
When you file your tax return, you should include:
What is the deadline?
The deadline for your tax return is 12 months after the end of the accounting period it covers. A penalty for late filing will be incurred if you miss the deadline.
There is a separate deadline to pay your Corporation Tax bill, which is usually nine months and one day after the end of the accounting period.
Never ignore a demand from HMRC for any kind of tax return, whether for a company or yourself. Even if you’re sure it’s been sent by mistake, you and your business can still be hit with fines and penalties if you miss a filing or payment deadline.
The return declaration
The person making the return must include a declaration that it is correct and complete to the best of their knowledge and belief.
Need help with your company tax return? Contact us today.
