Timing of Annual Returns / Corporation Tax

[Chaz]

Hi,

Hoping someone can help unclutter some confusion for me please.

I have a limited company and my accountants have completed my annual returns. The most recent period is for 1 April 2014 ending 31 March 2015.

I currently have a dispute with my accoutants (charging for services not provided) and refuse to pay their most recent invoice. The company is also no longer actively trading although did have some transactions post 31 March 2015.

I now have a letter from HMRC indicating that I am late in submitting Corporation Tax returns for 01 April 2015 - 31 March 2016. How do I know what my CT is if my annual returns for this period hasnt been calculated / done yet? We have only just submitted the ending 31 March 2015 numbers.

Id like to sort this out and then possibly wind up the company. Can anyone shed some light on the timings for me please?

Thanks

[TheCyclingProgrammer]

Annual return? Do you mean your annual accounts?

Your annual accounts are due to companies house 9 months after the last day of your accounting period, with the corporation tax due to HMRC a day later. The actual corporation tax return is due 12 months after the end of the accounting period.

You should double check the letter you've received as the CT return for period ending 31 March 2016 shouldn't be due until next year.

[SpontaneousOrder]

Hi,

Hoping someone can help unclutter some confusion for me please.

I have a limited company and my accountants have completed my annual returns. The most recent period is for 1 April 2014 ending 31 March 2015.

I currently have a dispute with my accoutants (charging for services not provided) and refuse to pay their most recent invoice. The company is also no longer actively trading although did have some transactions post 31 March 2015.

I now have a letter from HMRC indicating that I am late in submitting Corporation Tax returns for 01 April 2015 - 31 March 2016. How do I know what my CT is if my annual returns for this period hasnt been calculated / done yet? We have only just submitted the ending 31 March 2015 numbers.

Id like to sort this out and then possibly wind up the company. Can anyone shed some light on the timings for me please?

Thanks

Annual return has nothing to do with your corporation tax bill.

[VillageContractor]

This confused me as well, fortunately my accountant was able to explain the difference.

[Chaz]

Annual return? Do you mean your annual accounts?

Your annual accounts are due to companies house 9 months after the last day of your accounting period, with the corporation tax due to HMRC a day later. The actual corporation tax return is due 12 months after the end of the accounting period.

You should double check the letter you've received as the CT return for period ending 31 March 2016 shouldn't be due until next year.

Thanks for your response. Yes, annual accounts (ie, the verbose numbers that explain income, profit, loss, costs etc).

So in this case, the period ended March 2015 and therefore the submission would have needed to be done by December 2015.

What I dont understand is why I have a letter from HMRC stating that I am late to provide details for Corporation Tax for period April 2015 to March 2016. My annual accounts / return is only due later in the year, how would I already know my Corporation Tax element?

[TheCyclingProgrammer]

What I dont understand is why I have a letter from HMRC stating that I am late to provide details for Corporation Tax for period April 2015 to March 2016.

Ring them and ask them. Your CT return for that period should not be due until next year. Clearly it can't be late yet.

My annual accounts / return is only due later in the year, how would I already know my Corporation Tax element?

Please stop conflating accounts and returns. They are not the same thing.

Your annual accounts are normally due before the CT return, although the actual corporation tax calculations should have already been done by then as it will appear in your accounts (and will be due to be paid before the CT return due date).

[VectraMan]

Thanks for your response. Yes, annual accounts (ie, the verbose numbers that explain income, profit, loss, costs etc).

So in this case, the period ended March 2015 and therefore the submission would have needed to be done by December 2015.

What I dont understand is why I have a letter from HMRC stating that I am late to provide details for Corporation Tax for period April 2015 to March 2016. My annual accounts / return is only due later in the year, how would I already know my Corporation Tax element?

Does it say late? Sometimes you get a notice to submit a return not long after the year end, but you don't need to do it for 9 months.

[Chaz]

Ring them and ask them. Your CT return for that period should not be due until next year. Clearly it can't be late yet.



Please stop conflating accounts and returns. They are not the same thing.

Your annual accounts are normally due before the CT return, although the actual corporation tax calculations should have already been done by then as it will appear in your accounts (and will be due to be paid before the CT return due date).

Thanks. This might be part of the issue. What is the difference please between accounts and returns?

[TheCyclingProgrammer]

Thanks. This might be part of the issue. What is the difference please between accounts and returns?

One is your accounts, one isn't. Google it.

[Chaz]

Does it say late? Sometimes you get a notice to submit a return not long after the year end, but you don't need to do it for 9 months.

So just checking it again.

'This notice is a formal request for the company to deliver a Company Tax Return .......

Perhaps its not a late notification.