CORPORATION TAX SELF ASSESSMENT

Each year HMRC issues a notice to file a corporation tax return which must be submitted within 12 months of the end of the accounting period. We can prepare your return and advise on tax.

Filing your company tax return - This has to be done online and the accounts and computations are sent at the same time. A penalty is due if it is filed late. The return can be amended by the company within 12 months of the statutory filing date.

HMRC check returns and can enquire into the completeness and accuracy of a return.

Enquiries under CORPORATION TAX SELF ASSESSMENT

• HMRC have 12 months from the filing date the in which to commence an enquiry

• If no enquiry is started the company's return becomes final - subject to a 'discovery'

• HMRC will give the company formal notice when an enquiry commences

• HMRC give notice of the completion of an enquiry stating their conclusions

• A company may ask the Commissioners to direct HMRC to close an enquiry if there are no reasonable grounds for continuing it

Discovery assessments - HMRC have the power to make a discovery assessment if information comes to light after the end of the enquiry period ie. as a result of fraudulent disclosure.

Corporation tax  - Corporation tax is payable nine months and one day after the end of the accounting period, unless your company is "large" (broadly, taxable profits over £1.5 million, or £10 million if part of a group with more than one company), in which case Corporation Tax is instead paid in quarterly instalments during the accounting period itself, rather than as a single payment afterwards.

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Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ   T: 01332 202660

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414