Get the advice and support you need
Regardless of whether you have a complex corporation tax computation that requires attention or a comparatively straight forward company tax question, our team can help.
Every company in the UK must file an annual tax return (a CT600). Typically, this is due 12 months after the end of the period for which Statutory Accounts are prepared. However, the tax itself must be paid well head of this, typically just over 9 months after the period end. In addition, companies can face a significant number of issues during the year, ranging from EIS relief and R&D tax credits to navigating the intangible fixed assets regime. Care is required here and not all companies will be affected. Some smaller companies may have quite straight-forward tax calculations.
Things to consider
Where a company comes within the charge to corporation tax then under Finance Act 2004, s55, they have a duty to notify HMRC within 3 months. Thereafter, a company must file a return for each accounting period and formal Statutory Accounts must accompany the return. Complications can arise here as there is a technical difference between an accounting period and a period of account and claims for reductions can easily be missed and care is required. Some of the things to be considered are:
A company's tax return must be filed within 12 months after year-end,
Tax should be paid within 9 months after the year-end,
An iXBRL tagged set of Statutory Accounts must accompany the tax return,
Generally, HMRC have 12 months in which they can open an equiry into the return,
Companies pay tax at 19% however this is set to rise over the coming year.
Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
How We Can Help
At Boxwood, our team can prepare your corporation tax return, the associated calculations and the accompanying Statutory Accounts. The tax rules in this area can be very tricky and we will be happy to guide you on tax saving opportunities. We will be able to answer any questions you may have and we can help ensure deadlines are met. We make sure that all work is carried out efficiently and on time, which helps avoids penalties and interest charges. The Boxwood team will always be available if you have any questions and we will always agree a fixed fee with our clients prior to any work being carried out.