Company Tax Returns

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Need to complete a company tax return? Traynor Accounting Cumbernauld and Glasgow provides company tax return services for small and medium sized businesses throughout Scotland and the UK.

Please ensure that you contact us as early as possible so that we have sufficient time to prepare your tax return and maximise any tax savings for your company.

What is a Company Tax Return?

Company tax returns are documents containing financial information that must be filed to HMRC to report on the company’s earnings, losses, loans, and any additional aspects applicable to the company’s tax liability.

A company tax return must be submitted by limited companies after the end of their financial year. The financial year of a limited company can run to the last day of any month of the year (it is normally originally determined by the month that the company was incorporated).

The main part of a company tax return is a form called a CT600.

What is the Purpose of a Company Tax Return?

The purpose of a company tax return is to tell HMRC how much taxable profit your business has made and consequently the amount of tax you must pay.

Who has to file a Company Tax Return?

All limited companies must file a company tax return with HMRC. Even if your company has made a loss or have no corporation tax to pay you must still file a company tax return.

HMRC will send you a “Notice to Deliver a Company Tax Return” which will inform you of the date that you must file your company tax return by.

What is Involved in a Company Tax Return?

A company tax return includes:

  • profit/loss calculation for corporation tax purposes (this is not the same as the profit/loss presented in your annual accounts as your accountant needs to determine the items in your accounts that are tax deductible or not)

  • Corporation tax bill and the time payment is required

  • A copy of your annual accounts is also required to be submitted with your company tax return

Deadline for Company Tax Returns

The deadline for your company tax return is normally one year after the end of the accounting period it covers.

However, you only have 9 months and 1 day after the end of your accounting period to pay your company tax bill.

Please note in the first year of your company the deadline for submission will be one year after the date the company was incorporated (which may be earlier than the end of the month)

Penalties 

If you miss the deadline you will have to pay a penalty.

The penalties for late submission of your company tax return are as follows:

  • One day late - £100

  • 3 months late – an additional £100

  • 6 months late – HMRC will estimate company tax bill and add a penalty of 10% of the unpaid tax

  • 12 months late – an additional 10% of any unpaid tax

What are the Benefits of Getting Traynor Accounting to Complete your Company Tax Return?

There are many benefits of getting Traynor Accounting Cumbernauld and Glasgow to complete your company tax return. These include:

  • Corporation tax is extremely complicated – leave it to our experienced team and relax!

  • We will ensure that you never miss a deadline so you will not have to pay any penalties

  • Prevents expensive mistakes and fines that could happen if you complete your company tax return yourself

  • Allows you more time to focus on your core business needs

  • We can prove expert advice and support related to your company tax return and advise on tax saving initiatives available

To find out more about our Company Tax Return Services call us on 01236 222668 or 0141 280 8941 for your free accountant consultation (no obligation!)