In this part, know different sections of CT600 and options to complete it. FinTags can assist you in HMRC CT600 filing. Guaranteed best price.Try now.

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Process involved in HMRC CT600 filing

Options for converting financial statements to iXBRL format

HMRC CT600 - Who should file company tax return

What documents are required for submitting Company Tax Return to HMRC?

The online CT submission pack filed through the Government Gateway will need to consist of the following attachments:

  • Corporate Tax Return forms (Form CT600) in XML;
  • Corporation Tax computation in iXBRL;
  • Statutory annual accounts of the legal entity in iXBRL (using right taxonomy);
  • Other supporting schedules in pdf.

What are the key information that has to completed in the CT600 Form

The table outlines the key information that has to be entered while completing the CT600 Form

Key Information to be filled Details to be filled
Company information
(boxes 1-4):
basic company details
About this return
(boxes 30-35):
state the accounting period the return relates to
About this return
(boxes 80-85)
tick the box to say whether the accounts are for the period you've stated, or a different period
Tax calculation
(boxes 145-150):
state your company's turnover from the profit and loss account.
(boxes 155-205):
enter the figures for all income received by your business
Box 155 Adjusted profit from the corporation tax computation.
Box 160 Trading losses brought forward and offset in this accounting period.
Box 170 Income from non-trading loan relationships – bank interest.
Box 190 Property income.
Chargeable gains
(boxes 210-220):
specify your chargeable gains and allowable losses
Profits before deductions and reliefs
(boxes 225-235):
this is the amount on which corporation tax is chargeable - but you can also specify certain losses
Deductions and reliefs
(boxes 240-325)
detail any trading losses, capital allowances, expenses and reliefs
Tax calculation
(boxes 330-440):
calculate the corporation tax due for the period.

What are the Corporation Tax allowances?

There are some Corporation Tax allowances that can be deducted when calculating out how much tax you owe. These allowable expenses have to be cost incurred for the exclusive purpose of running your business.

Examples of Corporation Tax allowable expenses you may be able to claim include mileage, accommodation, and training. The expenses must be necessary to the business and ‘wholly and exclusively’ for business purposes, else it must be treated as benefit. For example, costs such as entertaining clients aren’t allowed for Corporation Tax allowance.

Purchases of business assets that you keep to use in your business, such as equipment, machinery, and vehicles, are not allowed to be deducted from your company’s income when calculating your taxable profit. In these instances, you may be able to claim capital allowances.

What are the Corporation Tax reliefs?

There are Corporation Tax reliefs available that you can potentially use to minimise your Corporation Tax bill.

  • Research & Development (R&D) Relief: you may be able to claim this if your company works on innovative projects in science and technology.
  • The Patent Box: on profits earned from patented inventions and certain other innovations you may be able to claim a lower rate of Corporation Tax
  • Creative industry tax reliefs: Companies involved in the creative industries (film, television, video gaming, etc) may be able to claim a larger deduction when calculating taxable profits.
  • Disincorporation Relief: a relief that allows a company to transfer assets to its shareholders (for instance when it changes from a limited company to a sole trader or partnership) without the company incurring a Corporation Tax charge on the disposal of those assets.
  • Terminal, capital and property income losses, and trading losses: you could be eligible if you make a loss from trading, the sale or disposal of a capital asset or on property income
  • Marginal Relief may also be available if your company had profits between £300,000 and £1.5 million that were from before 1 April 2015

    • Who can assist in preparing financial statements in IXBRL format and filing CT600 with HMRC

      As the process is complex and detailed and also involves converting financial statements to iXBRL format, most companies prefer to outsource this job to a professional service provider.

      FinTags offers a one-stop-shop solution in

      • converting your financial statements to iXBRL format,
      • calculating and preparing your tax computations in iXBRL format,
      • completing Form CT600 and
      • filing the company tax returns with HMRC

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