ACCOUNTS AND TAX COMPUTATION
When I should file my Accounts and Tax Computation?You will have to file accounts with the Inland Revenue and Companies House.
Inland Revenue - Accounts must be filed 12 months after the accounting period and Tax Return will have to be filed and any tax liability paid 9 months after the accounting period.
Companies House - Accounts will have to be filed 10 months after the accounting period. If you company is a PLC then the accounts must be filed 7 months after the accounting period.
What is a CT 41G?
CT 41G is the first letter you will receive from the Inland Revenue where you will get your Tax Reference number also. You should fill the form and sent back to the Inland Revenue. The Inland Revenue will ask you questions such as name of the directors and shareholders, company address and business activity.
Should I fill the 64-8 form?
This is a form that is filled when you have already found an accountant that will be appointed as your tax agent.
What are the Corporation Tax Rate?
Corporation Tax Rates are:
| Rates limits and fractions for financial years starting 1 April | 2006 | 2007 |
| Main rate of corporation tax | 30% | 30% |
| Small companies rate (SCR)* | 19% | 20% |
| SCR can be claimed by qualifying companies with profits at an annual rate not exceeding | £300,000 | £300,000 |
| Marginal small companie's relief (MSCR) lower limit | £300,000 | £300,000 |
| MSCR upper limit | £1,500,000 | £1,500,000 |
| MSCR fraction | 11/400 | 1/40 |
| Special rate for unit trusts and open-ended investment companies | 20% | 20% |
Is my business exempt from Audit?
For your company to be audited the 2 out the 3 conditions must be met:
- Turnover is more than £5.6m per annum,
- You have more than 50 employees, or
- Your gross assets are more than £2.8m.
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