Corporation Tax
We are a long-established firm of Chartered Tax Advisers and qualified accountants. We work with individuals, sole-traders and small companies providing clear, expert and affordable advice and support on all areas of UK accounting and tax compliance.
Who must file a corporation tax return and when must it be filed to avoid a penalty?
All companies who have a source of income will need to prepare and file a Corporation Tax Return (known as a CT600). This must be prepared and filed within 12 months after the accounting period and HMRC will charge a penalty if this deadline is missed.
Who must file?
All companies who have a source of income will need to prepare and file a CT600. This might be trading income or property income or even a small amount of bank interest will give rise to the need to prepare the tax return. The starting point is the Annual Accounts but a number of adjustments are required.
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What adjustments are required and how is the return filed?
The format is set by HMRC and is contained in the CT600 form. Many adjustments to the accounting profit are usually required e.g. depreciation, capital allowances, non-trading loan interest or director taxation on loans. The return must be filed online together with an electronically tagged set of company accounts.
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What is the deadline for filing and are there late penalties?
The Corporation Tax Return must be filed within 12 months after the end of the financial year. However, any tax due must be paid before this date i.e. within 9 months after the accounting period. Therefore, the CT600 is often filed at the same time for convenience and HMRC will charge a penalty if the return is late.
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
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Hans-Werner at
Deutsche-Hypo Bank
Why not get some expert help with your accounting and tax? You'll be surprised at how easy and affordable it is to get the support you need.
What are some pitfalls to avoid?
Preparing and filing your Corporation Tax Return does not need to be time consuming or difficult but it will require some degree of planning and there are many areas where great care is required.
Capital expenditure and capital allowances
Capital expenditure is not an allowable deduction for tax purposes. Therefore all such expenditure must be identified and excluded. However, capital allowances may be available instead.
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Insufficient record keeping
Good bookkeeping is very important and it is also important to retain sufficient documentation to be able to support the bookkeeping figures. Records typically must be retained for approx. 6 years.
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Claiming R&D relief and other expenses correctly
Where R&D activity is carried out, additional tax credits may be available. Therefore, it is important to ensure that any such activity is properly identified and credits claimed.
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Missing the deadline
The deadline for filing the CT600 is 12 months after the financial year but any tax is due within 9 months. This deadline can easily be missed if care is not taken and HMRC will charge a penalty.
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Dividends, directors loans and VAT compliance
Incorrectly declaring dividends will cause significant issues as can outstanding directors' loans. Tax on such loans is often due and incorrect accounting for VAT will also be a problem. Some care is required in these areas.​
We offer a completely complimentary 30 minute initial consultation. Why not give one of the team a call today to get answers to any questions you may have.
WHAT OUR CLIENTS SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. 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.
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John at Bentley Consultancy Services Ltd
​"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
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Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
Fully regulated Chartered Tax Advisers & Accountants
Low cost
fixed fees and absolutely no hidden costs
Completely complimentary
30 minute initial consultation
Dedicated personal qualified accountant to ensure the
highest service​
18 years advising small businesses and individals with almost 1,000 satisfied clients