What is a CT600 Form | The Accountancy Solutions

What is a CT600 Form? 

Whether you are a limited company, LLP, charity, or a club, you will have to pay tax on your profits. The tax applied to your profits in these instances is known as corporation tax. All profits from either investment income or general trading and are subject to corporation taxation. Other profitable income such as dividend income will be taxed using a different channel. When a UK company also completes business in other areas of the world, only profits made within the UK will be subject to UK taxation laws. 

A limited company, or the organizations, have 3 requirements that they must adhere to regarding their taxation affairs, these include

  • Letting HM Revenue and Customs (HMRC) that you need to pay corporation tax.
  • Filling out the required tax return form in a timely manner by not exceeding set HMRC deadlines.
  • Paying the correct amount of tax to HMRC before the deadline. 

The form that the relevant businesses and organizations must complete to notify HMRC of your profits and tax to pay is known as a CT600 form. This form resembles other self-assessment taxation forms and requires information, so your tax obligations can be calculated correctly. This form will have to be submitted before the deadline with accompanying documentation such as company accounts and evidences. 

The CT600 form and the surrounding admin has been made electronic. In fact, as of April 2011, the CT600 form must be completed online. Moreover, the correct amount of tax must also be paid electronically. One positive aspect of completing your form online is that HMRC will receive it as soon as you submit it; this avoids delays, or it is getting lost in the post – which could make you liable to paying hefty fines. 

If you need help with CT600 Form or corporation tax please contact The Accountancy Solutions on 01216297768 or 02070784001 for further advice. We are accountants specialist in conducting and negotiating inquiries and investigations with HMRC.