The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The corporation tax self assessment (CTSA) regime applies to companies and deals with the administration and payment of corporation tax. The key administrative points are set out below.
For details on the payment of corporation tax, see the How to pay corporation tax guidance note.
For information on UK tax filing requirements as they apply to overseas companies, see the UK filing requirements guidance note.
Corporation tax returns (CT600) must be submitted to HMRC for the accounting period in question and must include information, accounts statements and reports relevant to the tax liability of the company. It must also contain a declaration that the return is correct and complete to the best of the knowledge of the person submitting it (an authorised signatory of the company).
In practice, the CT600 is accompanied by:
a set of signed financial statements for the accounting period, which includes the signed directors’ report
detailed analysis necessary to show that the return is correct and complete, which is usually the corporation tax computation
The company must ensure that:
tax on loans to participators is included in the total amount of tax payable
all other necessary adjustments are made in arriving at TTP, such as transfer pricing adjustments for example
Companies have an obligation to notify HMRC when their first chargeable accounting period begins or when they come back within the charge to corporation tax after a period of dormancy. Certain prescribed information must be provided.
The company must give written notice within 3 months of the start of the accounting period.
The notice must state when the chargeable accounting period began.
The rules do not apply to unincorporated associations or partnerships.
The detailed information to be given in the notice is as follows:
the company’s name and registration number
the address of the company’s registered office
the address of the company’s principal place of business
the nature of the business being carried on by the company
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Companies Act 2006 allows a company to repurchase its own issued share capital, provided certain conditions are met. This type of transaction is sometimes referred to as a ‘share buyback’ or a ‘purchase of own shares’.The repurchased shares can either be immediately cancelled, which is typically the
Usually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note for further details.This rule can be
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
Universal credit is a non-taxable benefit that is administered by the Department of Work and Pensions (DWP) and is available throughout the UK. It is available to individuals on low incomes whether they are in work, unemployed or self-employed. It is designed as a replacement for several ‘legacy