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Corporation Tax Return
CT600
All limited companies need to submit tax return
Tax Return CT600
Submission to HMRC
Qualified Accountants
There are penalties for late submissions
Our Accreditations
tax return
What is Corporation Tax Return (CT600)?
The CT600 is a comprehensive document that companies must complete and submit to HMRC. It has details, such as profits, losses and loss reliefs, expenses, and tax calculations and other adjustments. This return enables HMRC to assess a company's corporation tax liability accurately.
Who Should Submit the CT600?
All companies liable for corporation tax in the UK, including limited companies, foreign companies with UK operations, and unincorporated associations, must submit the CT600. This includes both profitable and non-profitable entities, as well as dormant companies. It's essential to determine your company's tax liability and submit the CT600 accordingly.
Late Filing Penalties:
Filing the CT600 by the deadline is crucial to avoid penalties. The deadline for submitting the CT600 is generally 12 months after the end of the accounting period. Late filing penalties are as follows:
tax return
What is Corporation Tax Return (CT600)?
Corporation Tax Rates for 2023/24: For the financial year 2023/24, the corporation tax rates are as follows:
Small Company Rates:
- Profits up to £50,000: 19%- Profits between £50,001 and £250,000: Marginal Relief applies
- Profits above £250,000: 25%
Margin Relief:
Margin relief is applicable to companies with profits ranging from £50,001 to £250,000. It allows for a gradual transition from the lower small company rate to the standard corporation tax rate.Example:
Let's consider a hypothetical company, XYZ Ltd, with profits of £150,000 for the accounting period ending on March 31, 2024.
- 1. Calculate the taxable profit:
XYZ Ltd's taxable profit = £150,000
- 2. Calculate the small company rate tax:
- 3. Calculate the marginal relief:
- 4. Calculate the total corporation tax:
Standard Corporation Tax Rate:
For companies with profits exceeding £250,000, the standard corporation tax rate of 19% applies, simplifying tax calculations for larger businesses.
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What is a Tax return
Tax Return for business or corporation tax return for a company is declaration of income to establish tax position for HMRC. The tax is required to be paid by specific date and its different for businesses and companies. It is vital to ensure a timely submission and payment to avoid penalties, interest and surcharges.
Why I need Payroll
Extracting money from a company or paying staff from business requires running of payroll. It means that when staff are monthly/weekly paid, their PAYE real time information RTI are submitted to HMRC to report the payments. Providing pension to staff under auto enrolment pension duties is essential. employers must deduct pensions from employee's pay and keep it with pension providers.
Why I need VAT Service?
When a business has a turnover of more than £85,000 in 12-month period HMRC requires them to register for VAT. Once registered under making tax digital MTD, quarterly VAT returns must be submitted to HMRC. Businesses can voluntarily register for VAT as well if needed.
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