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Corporate Tax Returns

If you’re a UK company, you will need to file a corporation tax return on time.

This is part of your legal obligations, but it doesn’t have to cause you a headache. We can make this process a lot simpler and more streamlined for you.

Table of Contents

Corporation Tax

What Is A Corporation Tax Return?

Your company’s tax return, also known as a CT600, is a document that shows its taxable profit.

Your company is liable to pay corporation tax on this profit.

It is calculated as company income, less expenses and any tax allowances.

What Is The Current Rate Of Corporation Tax?

The current rate of corporation tax is 19%.

What Must I Do to Pay My Corporation Tax?

You should to prepare and send your corporation tax return to HMRC after your company tax year has ended.

As your accountants, we submit it to HMRC electronically on your behalf. We also send HMRC a digital set of your statutory accounts.

To do this, we will need your company’s Unique Taxpayer Reference, or UTR, which is a 10-digit number.

Your company’s registered office should have received the UTR when you incorporated the company.

You will also find it on any documents that HMRC has sent to your company.

If you can’t find your UTR, you can request it online.

HMRC will send it to the business address you have listed at Companies House.

How And When Do I Pay Any Tax I Owe?

Once we’ve completed your corporation tax return we will let you know how much tax you need to pay.

You will need to make these payments within nine months and one day of your company’s year-end.

For example, if your company’s financial year-end was January 31, you would have to make your corporation tax payment by November 1.

There are several ways you can pay your corporation tax, but the easiest and quickest is by online banking.

The back of your payslip, sent to you by HMRC, tells you which account to use.

If you’re not sure, use Cumbernauld. You can easily find the payment details online. If you’re not sure, please contact us.

You must also include your 17-character Corporation Tax payslip reference for the accounting period you’re paying.

You can find this on any payslip that HMRC has sent you, or through your company’s HMRC online account.

What Are The Deadlines For Filing a Return?

You must submit your company’s tax return to HMRC within 12 months of the company’s financial year-end.

Failure to do this on time will result in you getting a penalty notice.

The current penalties are:

  • One day late: £100
  • Three months late: a further £100
  • Six months late: HMRC will estimate your corporation tax due and add a penalty of 10 per cent
  • 12 months late: a further 10 per cent of any unpaid tax

How Our Process Helps You

We’ll take care of the entire process on your behalf

  • First, we meet with you to introduce ourselves to you and get the ball rolling and clarify what we need from you – this information is based on standard HMRC requirements
  • We’ll follow this up with another meeting to explain any adjustments we’ve made, or where we think you should be claiming tax relief
  • Once you’re happy with everything, we will ask you to sign off your accounts.
  • We transfer your accounts electronically for submission to HMRC

It’s simple and streamlined.

We always use senior accountants to look at your accounts in detail, and we make a point of keeping things clear for you to understand exactly what’s going on, and what you need to do.

Traditional Accounting with Clear Principles

Operating from our head offices in London, Venn Accounts are traditional accounting firm, where we make sure our clients are completely clear about what we can do for them, supporting them every step of the way.

For small businesses and start-ups looking to make the greatest return on investment, our annual accounts service is the perfect complement to any corporation tax service. We have created specifically tailored accounting packages, combining both annual accounts and corporation tax services.

To find out more about our corporate tax return service, speak with Venn Accounts directly on 02080882590 or email enquiries@vennaccounts.com.