In short, you can leave this task with us. We’ll complete the whole thing for you so you don’t have to worry about it. If you let us handle your bookkeeping too, you won’t even have to provide us with additional information.
However we help you, your submission will be handled by a Chartered Tax Adviser, which can result in significant savings in the amount of tax you’ll have to pay in that year. For a fixed fee, we can arrange a meeting with you, or a series of meetings, to discuss this tax-planning aspect of our service. Over a number of years, we hope to develop a relationship with you such that we can help you to manage and anticipate your annual tax bill, to forecast and budget for it, and to arrange your finances to ensure that you are only paying the tax that you really owe.
Our fees for this service are fixed annually, so there won’t be any hidden surprises.
The CT600 is part of what is known as the ‘Company Tax Return’, which also includes company accounts, separate computations in relation to particular sections of CT600 and any other relevant claims, elections, reports or statements. Organisations such as clubs, societies, cooperatives, associations and charities may also be liable for corporation tax under certain circumstances.
The ‘fiscal year’ runs between 1st April and 31st March, but each company defines its own financial year and accounting period and must meet deadlines for filing the Company Tax Return and paying the required amount of tax in relation to this timeframe. Strangely enough, the deadline for payment of corporation tax (9 months and 1 day following the end of your corporation tax accounting period) is 3 months prior to the deadline for submission of the return used to calculate it (12 months after the accounting period). Because of this, the CT600 is often filed sometime after the tax it refers to has been paid. Companies whose financial years and accounting periods do not coincide with the fiscal year are required to apportion their profits into two separate years, according to the proportion of the fiscal year spanned by its own year.
Significantly more information is required on a CT600 than on a self-assessment tax return. A comprehensive guide can be found here. Broadly speaking, the form requires a complete breakdown of the turnover, income and profit of the company, taking into account, amongst other things, losses, deductions, benefits, chargeable gains, assets, reliefs, allowances and tax overpaid or outstanding. There is also a section for Company Information, which includes items relevant to Companies House – registration number, registered address and so on, as well as the type of company, return period and a summary of the contents of the return. All in all, there are more than 150 sections, not including supplements.
Communications with HMRC & Companies House
Self Assessment Tax Return
CT600 (Company Tax Return)
Monthly Management Accounts
Accounting Systems Set-up
Business Startup – Company Formation
Benchmarking and KPI’s
Virtual / Part-Time Financial Director / CFO
Non-Executive Director (NXD/ NED)
Disaster Recovery Systems
Monthly / Quarterly / Annual Performance Meetings