CT600 form first ever time

[Anonymous]

Please can I seek advice about completing my first ever Corporation Tax CT600 form.

I set up my company last year (6th April 2004) and when Companies House asked for accounts to be submitted, it asked for them from 6th April 2004 until 30th April 2005, i.e. almost 13 months. I sent these in and they were accepted by Companies House. Note: To offer a bit of context, the volume of turnover is very low and the first year was a small loss (a few £k) so we aren't talking megabucks here.

When completing the CT600, it states that the accounting period must be less than 12 months, so how do I deal with this? Do I fill in one form for the period 6th April 2004 to 30th April 2004 and then a second form for the period 1st May 2004 until the 30th April 2005? (I presume that with these I just include my abbreviated accounts as these cover the whole period?)

Any advice is greatly appreciated.

 

[Alpha]

Firstly you should have been sent a form CT603 from HMTC. This will define the period that they expect a return for(and as you say it can not be a period greater than 12 months).

In the absence of you informing HMRC differently it is likely that they will be requiring the twelve months from incorporation ie 06/04/04 to 05/04/05.

You will then need to supply a second return from 06/04/05 to 30/04/05.

By sending in your accounts for the full period (make sure you tick the box on the return to indicate that you are supplying accounts with the CT600 for a different period) you will need to apportion your turnover and costs and show the method used(presumably No. of days in each period should be sufficient if you traded for the whole period) and if you are taking Capital Allowances you will need to show in which period the purchases were made.

I think that covers most things

 

[Anonymous]

Alan,

Thanks for this. Your response makes sense and the CT603 did state the first twelve months as you guessed. It should be easy enough to split the figures out as I don't have capital allowances to worry about and turnover is low enough to separate out the figures correctly without just prorata'ing things.

thanks

 

[Alpha]

Sorry after re - reading your post I did miss one thing out.

If your accounts are as simply as you say with few lines the revenue may accept abbreviated accounts to supprt the tax computation.

However they will not accept abbreviated accounts when your turnover and costs increase (you will have to submit detailed accounts to HMRC as well as the abbreviated ones to companies house)

 

[onesandnoughts]

If your accounts are as simply as you say with few lines the revenue may accept abbreviated accounts to supprt the tax computation.

I'm in a similar situation - and HM Revenue and Customs have written back asking for full accounts.

So, what's the definition of 'full' for these pursposes?

Any / all of the following?
1. Profit and Loss Acount
2. The cash book/spreadsheet
3. The sales ledger/spreadsheet
4. The purchase ledger/spreadsheet
5. The wages book/spreadsheet

Regards - Steve

 

[Alpha]

Full accounts mean

In statutory format

Profit and Loss
Balance sheet
Notes to the accounts
relevant declarations

Revenue also require detailed P & L as an addendum

from the questions in your posting it is not something that I would advise you to do.

Please get an accountant to do it for you.