CORPORATE TAX RETURNS

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Corporate Tax Returns

In the UK, all companies are required to pay their tax, which is known as Corporation Tax, on their income and assets. A company tax return (CTR) must be made on a yearly basis, with an optional quarterly or monthly payment option. Corporations in the United Kingdom are required to pay their taxes to the United Kingdom government.

The Corporation Tax Return form that is required by the United Kingdom is an application to file these returns. You must obtain a company tax return form from your local Revenue Department to complete, if you like to send tax returns manually. You can also send your corporate tax returns to HMRC using their online service. Each year, you must submit your Company Tax Return. When the time comes for your Corporate Tax Return to be processed, your Corporate Tax Return is sent directly to the Revenue Department.

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The Corporation Tax Return is used to calculate your tax liability and to report the amount of tax you have paid. The corporation tax return calculates your profit and losses. It reports the corporation tax paid on income and capital. It also reports the Corporation Tax Return on all payments made by you to the Revenue. The Corporation Tax Return is a detailed document and is the only way to see the amount of corporation tax you owe, as well as the amount that you would owe if you didn't file the Corporation Tax Return.

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How To Send Corporate Tax Returns 

The Corporation Tax Return is sent to you via email and you have six months to file it after you receive it. If you wait until April, you might not receive your Corporation Tax Return before April 30th. Therefore, you should get your Corporation Tax Return in time for the April deadline.

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After the deadline, if you don't claim an exemption, then the tax you owe will be reported to the Revenue. If you can demonstrate that you could not afford the amount you owe, then you may be able to negotiate a lower tax liability and still file the Corporation Tax Return. If you are an unrepresented company, then you should send your Company Tax Return to HMRC and accounts to Companies House at simultaneously.

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Before send your tax returns online, you should prepare your company’s annual accounts. They must be ‘balanced’, meaning your total assets should match what you owe. You will also need you’re the Government Gateway user ID and password as well as the Companies House password and authentication code (only if you are filing your accounts with Companies House simultaneously).

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​The deadline for corporate tax returns is 12 months after the end of the accounting period it covers.

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For those who have been a resident of the United Kingdom for six months or more, and who do not live in an EU member state, they are eligible to apply for a Company Tax Reduction Certificate. However, there are strict eligibility requirements and a person who applies for a Company Tax Reduction Certificate will not automatically receive it.

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Business owners may be eligible to take the annual Self-Assessment tax relief course. A professional accountant will be able to guide you through this process, and can also provide advice on how to prepare your Company Tax Return. The purpose of this course is to help business owners to understand the process of taking their annual Company Tax Return and how it relates to their particular circumstances.

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Other ways that a company can reduce its tax liability is by taking advantage of an Individual Savings Account. This is available to almost anyone and is an ideal way for business owners to save money in an easy and affordable manner. An Individual Savings Account will allow a business owner to take out a loan from a bank account and pay off a portion of their income tax.

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There is also the option of making 'contribution' tax relief claims, where the amount paid towards a certain expenses, such as the cost of taking out holiday insurance or travel insurance for example, is deducted from the amount paid in company tax.

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Some Important Facts about Corporate Tax

All individual income tax returns must be filed, along with corporation tax returns. There are many different types of personal tax returns, such as: self-assessment and employee forms of return; married couples and individuals; individuals with no dependents and children; pensioners; self-employed people; and tenants and landlords. All personal returns will be very detailed and must be verified by a professional tax professional.

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