Mortgage Land Prosperity

Corporation Tax is a tax on a company’s taxable income or profits. A company being any limited company whether by shares or guarantee, members clubs, trade and housing associations, co-operative groups. A corporate tax return consists of the completed Corporation Tax Return form CT600 and the annual financial accounts which support the tax calculation.

Companies are required by law to maintain records of financial transactions in a manner that enables the company to produce an accurate Corporation Tax Return. Company tax records must be kept for a minimum of six years from the end of the accounting period and longer if the accounts are submitted late or being enquired into by the Inland Revenue. Company tax records must include all original sales receipts and purchase expenses. Under Companies Act legislation registered companies must also keep accounting records.

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Companies are responsible for calculating their own corporation tax liability and paying the corporation tax without prior assessment by the Inland Revenue. Companies which fail to deliver their tax return by the statutory fling date which is normally 12 months after the accounting period are liable to penalties. An accounting period normally being 12 months – can be shorter but never longer. Should a company submit the CT600 Corporation Tax return form without the accounts then it is treated as not having submitted a tax return form.

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