Keeping up to date with your legal obligations and knowing what has to be submitted to HMRC (and when) can be tricky business, there are a LOT of different forms out there – and each one has specific information required.
To help make your life easier, we’ve been looking at some of the different forms – what they’re used for, the information you need to fill them in, and when they have to be provided to HMRC.
Today we’re looking at the CT600, which is part of the Company Tax Return and relates to Corporation Tax.
As with most of the forms these days, the CT600 is generally filled in and filed online using the HMRC website. The paper version is still available, but it is not widely used – unless you have what HMRC call a ‘reasonable excuse’ or if you want to file in Welsh. If you do file your CT600 using the paper form, you also have to provide a completed form WT1 which explains why you’ve made use of the paper copy.
Corporation Tax is a legal obligation that requires:
To pay tax on their profits from doing business. Unlike some areas of taxation, you don’t actually get a bill for Corporation Tax – you are expected to work out, report, and pay your taxes, this can either be done directly yourself, by a nominated individual in the business, or through an agent (such as your accountant).
The companies or clubs involved have to keep accounting records and prepare their Company Tax Return in order to work out how much Corporation Tax they must pay.
This payment then has to be made (or a nothing to pay report submitted) by an individual deadline (this isn’t like Self-Assessment where there is one deadline for everyone, it will depend on your own accounting period) – this deadline is usually 9 months and 1 day after the end of your accounting period.
Then the Company Tax Return must be filed within 12 months after the end of the accounting period (this is normally the same 12-month period that is covered by the annual accounts).
As part of the Company Tax Return, there is a lot of information requested on the form (it’s a fairly substantial document of at least 11 pages after all).
In order to completely and correctly fill it in, you’ll need to have a significant amount of information on hand, including:
And that’s just to get started. You will need to attach the accounts and computations and then determine if you need any supplementary pages. Once you’ve done this, you can start to fill out the form with your turnover details, income, deductions / reliefs, and tax calculations.
In order to provide all your details correctly, you might need to fill in additional pages, which include:
CT600A – Loans and arrangements to participators by close companies
CT600B – Controlled foreign companies, foreign permanent establishment exemptions, hybrid and other mismatches
CT600C – Group and consortium
CT600D – Insurance
CT600E – Charities and Community Amateur Sports Clubs (CASCs)
CT600F – Tonnage tax
CT600G – Northern Ireland
CT600H – Cross-border royalties
CT600I – Supplementary charge in respect of ring fence trades
CT600J – Disclosure of tax avoidance schemes
CT600K – Restitution tax
CT600L – Research and Development (R&D)
CT600M – Freeports
There is a lot to handle when it comes to putting together your Corporation Tax and all the accounts involved with a Limited Company and getting it wrong can result in penalties and fees.
If you’re not entirely sure if you’re handling your Corporation Tax properly or are looking for a bit of advice on getting your forms in on time, we’re here to help – our experts have years and years of qualified experience, and we can help you make the most of your time, resources, and ensure that you’re fully compliant in the simplest way possible.
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