Originally posted by TheCyclingProgrammer
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Previously on "Regarding HMRC's Online Corporation Tax Return"
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Originally posted by Old Greg View PostIt sounds like the OP's CT year runs from Jan to Dec.
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Originally posted by xoggoth View PostThe corp. tax year begins on April 1st. So your actual year's profit is divided into those for periods 1/1 to 31/3 and 1/4 to 31/12. It is a simple apportionment of the whole profit by number of days, so the figures shown are:
2014 profit = your year's profit * 90/365 (or 91/366 in leap year)
2015 profit = your year's profit - 2104 profit
If the rate is the same for both make no diff. of course.
Corporation tax is not an expense. The CT600 should calculate it for you.
Yes. Claim small business rate if you're an SME.
Transfer pricing: I tick no, think that might be wrong technically but makes no difference unless you transfer money between companies. A lot of stuff is irrelevant.
https://www.gov.uk/government/upload...T600_Guide.pdf
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Some of these questions are needlessly complicated to be fair, although they have got better with the online version. You should try using the help on the old PDF version.
You're an SME so you do qualify for SME exemption.
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Originally posted by TheCyclingProgrammer View PostFrom your apparent lack of knowledge, how are you confident that the rest of your return (and your accounts) is correct? Why isn't your accountant doing this for you?
Originally posted by xoggoth View PostThe corp. tax year begins on April 1st. So your actual year's profit is divided into those for periods 1/1 to 31/3 and 1/4 to 31/12. It is a simple apportionment of the whole profit by number of days, so the figures shown are:
2014 profit = your year's profit * 90/365 (or 91/366 in leap year)
2015 profit = your year's profit - 2104 profit
If the rate is the same for both make no diff. of course.
Corporation tax is not an expense. The CT600 should calculate it for you.
Yes. Claim small business rate if you're an SME.
Transfer pricing: I tick no, think that might be wrong technically but makes no difference unless you transfer money between companies. A lot of stuff is irrelevant.
https://www.gov.uk/government/upload...T600_Guide.pdfLast edited by Gustaf; 19 May 2016, 00:02.
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From your apparent lack of knowledge, how are you confident that the rest of your return (and your accounts) is correct? Why isn't your accountant doing this for you?
Leave a comment:
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The corp. tax year begins on April 1st. So your actual year's profit is divided into those for periods 1/1 to 31/3 and 1/4 to 31/12. It is a simple apportionment of the whole profit by number of days, so the figures shown are:
2014 profit = your year's profit * 90/365 (or 91/366 in leap year)
2015 profit = your year's profit - 2104 profit
If the rate is the same for both make no diff. of course.
Corporation tax is not an expense. The CT600 should calculate it for you.
Yes. Claim small business rate if you're an SME.
Transfer pricing: I tick no, think that might be wrong technically but makes no difference unless you transfer money between companies. A lot of stuff is irrelevant.
https://www.gov.uk/government/upload...T600_Guide.pdfLast edited by xoggoth; 18 May 2016, 21:28.
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Originally posted by Gustaf View PostHello,
I have a few questions and confusions about HMRC's online Corporation Tax return. I've tried calling HMRC but they keep redirecting me back and forth between their tax support and web support.
1.
I'm filing for the period of 1 January 2015 to 31 December 2015. However, for some reason the CT600 has divided my taxable profits from 2015 into brackets of 2014 and 2015 - despite how I have made no indication of that any profits are from 2014. Is there something I'm likely missing or is the system simply broken?
2.
In the computations, I figured the corporation tax paid during the 2015 period should be put as an expense under "Legal and professional charges", since I can't see any other more appropriate field to enter it in. Would I be correct to enter it in that field?
3.
Throughout 2015, the corporation tax was 20% for companies of all sizes. So should I claim the Small Companies Rate even though it didn't apply for 2015?
4.
My company is an SME, and based on how the question is framed I would then seemingly qualify for the Transfer pricing exemption for SMEs. However, it doesn't apply to any of our transactions and feels pointless, so I'm probably correct to choose "No", right?
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Why's it in Euros?
My accountant does all this so I don't have to ask on here.....
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Regarding HMRC's Online Corporation Tax Return
Hello,
I have a few questions and confusions about HMRC's online Corporation Tax return. I've tried calling HMRC but they keep redirecting me back and forth between their tax support and web support.
1.
I'm filing for the period of 1 January 2015 to 31 December 2015. However, for some reason the CT600 has divided my taxable profits from 2015 into brackets of 2014 and 2015 - despite how I have made no indication of that any profits are from 2014. Is there something I'm likely missing or is the system simply broken?
2.
In the computations, I figured the corporation tax paid during the 2015 period should be put as an expense under "Legal and professional charges", since I can't see any other more appropriate field to enter it in. Would I be correct to enter it in that field?
3.
Throughout 2015, the corporation tax was 20% for companies of all sizes. So should I claim the Small Companies Rate even though it didn't apply for 2015?
4.
My company is an SME, and based on how the question is framed I would then seemingly qualify for the Transfer pricing exemption for SMEs. However, it doesn't apply to any of our transactions and feels pointless, so I'm probably correct to choose "No", right?
Last edited by Gustaf; 20 May 2016, 17:02.Tags: None
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