Corporation tax return

You usually need to file a Corporation Tax return (CT600) with HMRC within 12 months of your accounting period end. This reports your company's profit and tax liability.

From the records you provide we will add your income and expenses, calculated your capital allowances, and add back any disallowable expenses (for example depreciation and entertaining). This is where many business owners get stuck and why our UK accountant's prepare the tax return for you.

We do not add any R&D credits. You will require a specialist to do this.

We will automatically carry forward any losses, and discuss the option of loss carry back if beneficial to you.

You will need to tell us about any loans to participators and we will calculate the S455 tax on this for you.

If it is your first year, you will require 2 corporation tax returns and we will prepare both for you for 1 overall fee of £595.

Our built-in validator checks your CT600 making sure everything complies with HMRC rules.

Once you approve your CT600 we will file this with HMRC and provide you with your CT600, tax calculation computations and accounts for your records.

We will tell you what tax you owe but you are responsible for paying this directly to HMRC.

We always aim to prepare the company accounts and corporation tax return at the same time (as the accounts need to be attached to the company tax return).

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Company Accounts

The information you need to provide for Micro Accounts is quite limited. We require further information for Small Company accounts, as these include fuller notes.

We will populate your accounts with the following required information from Companies House (so please tell us if your information is not up to date):

• directors names
• accounting reference date
• registered address

If you draw money from your company, you will need to be sure if this is salary, dividend or director loan. Please add a message in the questionnaire if you are not clear on this and need further support.

There are certain notes that must be included in your accounts. These include:

• how many employees you have
• statements on the Company's exemption from audit 
• directors' acknowledgment of their responsibility under the Companies Act 
• account preparation policy.
• any 'Directors advances, credits and guarantees' if the company has made any loans to any of the directors  'Going Concern' if you have net liabilities.

We will always add all necessary notes to your accounts for you.

Key terminology 

FRS 105 is a UK accounting standard for micro-entities regime. You can prepare Micro Accounts if two of the following apply

• A turnover of £1 million or less
• A balance sheet total of £500,000 or less
• 10 or less employees

We will always prepare Micro accounts unless you have previously filed FRS102 Small Company accounts or request FRS102 accounts.

The Income Statement, also referred to as the Profit and Loss account is a report of all the company's revenue, gains, expenses, losses, net income and other totals for the accounting period.

The 'Statement of assets and Liabilities' is also known as the 'Balance Sheet' and shows a companies Net assets or Net Liabilities. This shows if your company is solvent or insolvent.

Assets are what your business owns, for example fixed assets, such as computer equipment or company vehicles, cash in the bank and unpaid invoices (debtors).

Liabilities are the debts your Company has, what your Company owes for example outstanding taxes and any money you owe suppliers  (invoices the company needs to pay).

Shareholders Equity is the value of the shareholders investment in the Company.