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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....

    Can you delay tax by changing your accounting date?

    A business associate recently told you that his accountant changed his financial account period in order to delay tax liability. Is this something worth considering for your company?

    Dodging the tax bill on a director’s loan

    When a director shareholder owes their company money which isn’t repaid in a relatively short time, a corporation tax charge is triggered. How can the tax bill be delayed or avoided altogether?

    Don’t forget the annual bonus!

    Your accountant has started work on your year-end figures and is asking about unbilled liabilities which will be payable in the coming year. Should you mention staff bonuses, and what difference...

    A change of date can reduce your company’s tax bill

    Varying profits can play havoc with cash flow, especially when it’s time to pay corporation tax. Changing your company’s accounting date can help, but when are you allowed to do it?