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    Tax return following a delayed start to business

    You formed a company in March with the intention of beginning trade immediately. However, this was delayed because of coronavirus. Do you need to notify HMRC and what effect will the delay have...

    Corporation tax - General principles - Liability to tax - Accounting periods - 1150

    Tax is charged for an accounting period, although the rates and thresholds are set for financial years. In the normal course of events, a company's accounting period will be the same as the 12...

    Corporation tax - Chargeable gains - Particular situations - Liquidation - 9685

    When a company enters into liquidation it is, for chargeable gains purposes, a non-event. Although the assets become vested in the liquidator, there is no chargeable disposal. The actions of...

    Corporation tax - Computation - Calculation of the corporation tax liability - Calculating the tax - Accounting period coinciding with financial year - 11590

    Where the company's accounting period coincides with the FY (i.e. runs from 1 April through to 31 March) corporation tax is calculated simply by multiplying the taxable total profits by the appropriate...

    Corporation tax - Administration - Notification - Notification by the company - 18050

    HMRC is notified by Companies House when a new company is formed and will usually send a form CT41G, which can be used by the company to notify coming within the charge. However, it is the company's responsibility...

    Corporation tax - Administration - Returns - Filing date - 18580

    The basic rule is that the filing date for a return is the later of: - 12 months from the end of the period to which the return relates; or - 3 months after the date the notice to file is received....

    Income tax - Trading income - Sole traders - Profits - Computation of trading income - General rules - 21000

    Trading income comprises profits from a trade, profession or vocation. Tax is charged for each tax year on the profits of the basis period for that year (¶21100). The profits of sole traders (individuals)...

    Income tax - Trading income - Sole traders - Profits - Taxation of trading profits - The continuing business - Basis periods - 21105

    A continuing business is one which has been in existence for more than 3 tax years and which has not been the subject of a change of accounting date during the current tax year. For each such...

    Income tax - Trading income - Sole traders - II. Losses - Commencement of trade - Claiming relief - 21450

    Where a loss arises in the first 3 years of a new business (or on the change of an accounting date), the losses in aggregation rule must be applied. This states that where the results of one accounting...

    Income tax - Trading income - Partnerships - Partnership profits - Taxation of partnership profits - Apportionment between the partners - 21720

    Partnership profits (or losses) for an accounting period are allocated among the partners in accordance with their interests in the partnership during that period. Each partner is then treated...