What is company tax return and CT600
What is Corporation Tax
Corporation tax is paid by companies on their profits. Your company’s profit is the total turnover for the financial year, minus all outgoing salaries and operating expenses incurred. The corporation tax to be paid is a percentage of the profit. The percentage applicable has changed over the years. Currently, starting from 1st April 2017, the Corporation tax is 19% for small businesses.
The UK corporate tax regime applies to incorporated companies (limited by shares or guarantee) and other bodies including clubs and associations. The UK corporation tax does NOT apply to trusts, partnerships or individuals.
The UK corporation tax system is a self-assessment system. This means that the taxpayer is responsible for calculating its taxable profits including whether any reliefs apply, tax adjustments are required or whether any rules apply.
What is Company Tax Return
A company tax return is a form filed with a tax authority on which a taxpayer states their income, expenses, and other tax information.
What is CT600 Form
CT600 Form is a Company Tax return and details the Corporation Tax payable to HMRC. It consists of a completed CT600 form plus information, accounts, computations, statements and reports which the company has furnished.