Hold up, what exactly is a CT600 form?
Well, a CT600 form in short is the technical term for a simple, run-of-the-mill company tax return, and it’s for companies or associations to make HMRC aware of things like their profits/outgoings, and a number of things relating to your company’s finances.
Get used to submitting them as you’ll have to send one every year that you are in business!
For anyone who is in the self-employed, sole trader a partnership bracket you will just have to send in a self-assessment company tax return advice.
Who are CT600 Forms for?
The CT600 Form is to be utilised by people who own limited companies, in order to be able to do this though, you’ll have to be corporation tax registered.
When you’re setting up your company, you’ll need to register with Companies House, at the same time it is generally considered best practice to register for PAYE and corporation tax.
How do you submit a CT600 Form?
Thankfully this is now, for the most part, very easily completed online.
You can only utilise the paper version of the CT600 form when your tax return is submitted in Welsh or you can’t send it via the internet.
If you’re sending in a paper version of the form then you will need to couple it with a WT1 form to elaborate on the reasons why you have had to do so.
Are all these questions on the form applicable to me?
The short answer is no, for the most part, you won’t need to answer all the questions on the form, of which there is a rather stern 11 pages in total.
Not all questions will be relevant to every business.
There are some areas though that everybody will need to fill out, they are;
– Company information (boxes 1-4)
– About this return (boxes 30-35)
– About this return (boxes 80-85)
– Tax calculation (boxes 145-150)
– Income (boxes 155-205)
– Chargeable gains (boxes 210-220)
– Profits before deductions and reliefs (boxes 225-235)
– Deductions and reliefs (boxes 240-325)
– Tax calculation (boxes 330-440)
There is a range of other sections where you could find that you will have to shed light on things like capital gains income, however, these sections are not applicable to the majority of people.
There will be times where you’ll find that the calculations required are too complex and you may not feel confident in giving answers that could be incorrect as this will result in a fine.
As you’d imagine many people look to enlist the help of an accountant to fill out and submit the CT600 form on their behalf.
Please remember that if you decide to use an accountant that you will still be responsible for all information submitted to HMRC.
Is it worth paying for an accountant?
Of course, it is! And for good reason too but do your homework and seek recommendations. You don’t want to be paying for an accountant and then paying fines for inaccurate submissions!
Also, bear in mind that a good accountant is a valuable asset to your business growth and development, much more than someone to do your( more information to visit) tax return.