The key features of Corporation Tax are:
A company is required to pay the tax due in advance of filing a tax return
A ‘process now, check later’ enquiry regime when the tax return is submitted
The inclusion in the tax return, and in a single self-assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation
The requirement for companies to self-assess by reference to transfer pricing legislation.
Practical effect of CTSA for companies
Notice to file
Every year, HMRC issues a notice to file to companies. In most cases, the return must be submitted to HMRC within 12 months of the end of the accounting period. If you are not sure about it, give us a call on 01332 813380 and we can advise you.
Filing your company tax return online
Companies must file their corporate return online. Their accounts and computations must also be filed in the correct format – inline eXtensible Business Reporting Language (iXBRL).
Unincorporated organisations and charities that don’t need to prepare accounts under the Companies Act can choose to send their accounts in iXBRL or PDF format. However any computations must be sent in iXBRL format.
Penalties
Penalties apply for late submission of the return of
