What are Company Tax Returns in UK? How to file tax returns?

Company Tax Returns in UK

What are Company Tax Returns in the UK? How to file tax returns?

Company Tax returns in UK are an integral part of a company’s operations in the UK. Your expenditures, profits, and corporation tax payable to HMRC are all reported on a business tax return. This return is called Company Tax Return. It entails filling out a CT600 form and submitting a financial report that includes calculations that show how much tax you owe.

Who needs to file Company Tax Returns in the UK?

All Companies registered with the Companies House must file their annual tax returns with HMRC. Registering with HMRC is the first thing businesses and companies should do after setting up the company. All Companies or Businesses operating in the UK should file annual tax returns regardless of their profits.

What is the time period of Company Tax Returns in the UK?

The deadline for filing Company Tax returns is 12 months after the beginning of a company’s accounts. Thus if your financial period starts in February, you should file your returns by the end of February next year.

What’s included in Company Tax returns in the UK?

Generally, A Company Tax return comprises the following two important and detailed documents.

  1. Your Annual Company profits and losses for the corporation Tax
  2. The Bills of your Corporation Taxes

It is important to mention that Corporation Taxes are valid only after the company makes profits. However, even if your company hasn’t made profits yet, still you must file the annual tax returns with HMRC.

What is CT600? What details are submitted for filing Tax Returns in the UK?

Another commonly asked question about Tax returns is that “What is CT600?”. Well, CT600 is basically the form of Company Tax Returns.

The Form CT600 includes the general details about your company. In addition to the general details, certain calculations are also important for the calculation of Annual Corporation Tax.

These details generally include the following:

  • Profits
  • Losses
  • Gains
  • Tax Reliefs
  • Tax Reductions
  • Allowances
  • Tax Reconciliation

For more guidance about filing Tax Returns, you can consult the HMRC Guidelines.

Another more convenient method of filing Company Tax Returns is to hire the services of Company Formation Agents or Agencies like Liscard Business Centre. We offer analysis of your accounts and helpful advice that will make life a lot easier for you and your business.

Our Experts will not just file your returns smartly, they will also help you save in terms of taxes by helping you manage your expenditures through exemptions and allowances offered by the law. Therefore, Our Company Formation Agents can help you maximize the profits by minimizing the amounts paid in taxes.