Corp Tax return. What else do I submit ?

**malvolio** · 23 July 2007, 10:53

Then people wonder why we keep saying hiring an accountant is a good idea if you don't know the rules...

And exactly why should we do your accounting for you?

**ASB** · 23 July 2007, 11:06

1 & 2 dunno. But you can download the notes that go with the form.

3. Timing for submission of return and payment is different. The form triggers the CT bill. This is 9 months after the period end.

By all means pay early but check the credit interest from HMRC (rate on website) against any credit interest you will get by keeping the money tourself.

**css_jay99** · 23 July 2007, 11:28

Originally posted by malvolio

Then people wonder why we keep saying hiring an accountant is a good idea if you don't know the rules...

And exactly why should we do your accounting for you?

The rules says P&L account and computaions at arriving at figures.
P&L is a summary account hence you could argue that all computations (used to arrive at P&L summaries) need to be submitted.
I actually called HMRC up on this and whoever I spoke to kinda drew a blank.
So It comes down to what limited information should I submit that will satisfy HMRC & possibly raise Little question about my accounts. Afterall, I am sure this is the point where the HMRC are likely to start any Tax Investigation.

I used to be an accountant/auditor many moons ago which has let me to ask too many questions from other accountants for which i never get satisfactory results.
Take for instance I told an accountant to calculate my tax return which he did wrongly and not only that did not change my 1st accounting period to maximixe my marginal relief.
IF I had'nt any knowledge of Marginal reliefs or Legally changing accounting periods to minimise tax, then I would have lost about £800 to tax man.

Sometimes Mal, I find that ordinary people give you the best answers while accountants dance round the subject to make it all look like complicated margic.

Accountants pretent to perform margic, IT developers do it as well !

questions still goes

I know you know the answer Mal, should I tickle you for it

Just to chuck in an extra question as well.

1) Anyone got a dividend voucher proforma ?
2) Why the heck does the IR say its an offence not to provide Voucher to share holder when i can easily just print/backdate one for HMRC to see ?. I mean why will anyone (I man owner Ltd) get caught for this?

**malvolio** · 23 July 2007, 11:40

To be totally honest, even as an ex-accountant myself I don't know the answers, since I rely on my accountants to do all that kind of thing for me!

**ASB** · 23 July 2007, 11:53

1) Try here: http://www.incademy.com/courses/Tax-...l/4/1104/10002

2) HMRC don't. The companies act does. Backdating one is non contemporaneous and would presumably be an offence of false accounting.

**css_jay99** · 23 July 2007, 12:08

Originally posted by ASB

3. Timing for submission of return and payment is different. The form triggers the CT bill. This is 9 months after the period end.

strangley I got the form 6 months after period end

Notice to deliver (CT603) says

(1) Deliver Tax Return later of (a) 12mths after AP or (b) 3mths after receipt of HMRC Notice form

(2) Pay the taxman max 9mths + 1 day after the AP ends

In order wards for less hassle, submit & pay max (9 months + 1 day)

Computations
CT603 says computations at arriving at figures in the return.

This I take means
- Operating profits - already in P&L
- Losses/deficits/carryovers ..... - Include computaion
-- Capital allowances / charges ... - Include computaion

other accounts required
CT603 in relation to UK resident companies is not so clear.
I think it asks for statutory accounts (p&L, Balancesheet ...)

Do we really need to suplly a balance sheet cos i think this is a dead giveaway of how much I we have taken as dividends !

Unless there is another way of hidding reserves !

css_jay99

**ASB** · 23 July 2007, 12:21

Yes, it is slightly perverse that the return does not actually appear to be due until 3 months after the tax is......

Submit the form whenever you feel like it. As I said this triggers the production of a notice to pay with the correct due date. I found this most convenient.

**Bigbird** · 23 July 2007, 13:08

The computation you need to send is not how you arrived at your P&L figures, it's how you have calculated your CT.

Tip: use the calculator on HMRC website, save result as a PDF, send them that. Works for me!

You should also have a set of accounts for the period that include your P&L. balance sheet, directors notes etc. That is what else you should submit. NB your accounts do not necessarily have to be audited but they do have to be final not draft.

**css_jay99** · 23 July 2007, 14:19

Thank you very much for all your inputs

Now all i have to write is some bull Directors report.

css_jay99

Corp Tax return. What else do I submit ?