How Do I Complete A Company Tax Return?

As an entrepreneur, you’ll have a lot of things to take care of. While the majority of these are focused on making your company run effectively, not all of them are. Instead, you’ll have to make sure that you’re compliant with local, state, and federal regulations.

Naturally, taxes will be a large part of this. When it comes to completing a company tax return, however, you mightn’t know what you’re doing. While you could hire an accountant or another financial professional, that mightn’t be within your budget.

Regardless, Her Majesty’s Revenue and Customs will still need to be paid. So, what are you to do? If you have to take care of your business’ tax return yourself, then there are several things you’ll need to know.

What Is A Company Tax Return?

You’re more than likely wondering what a company tax return is. Related to your corporation tax, this is a document that you submit to the HMRC as you file your taxes. These will relate to your company’s most recent fiscal year and shouldn’t be confused with your corporation tax.

Instead, the company tax return will be submitted well before paying any corporation tax return services. You’ll typically submit this document, called the CT 600 at the year-end, or at the end of your fiscal year. You’ll then pay your due taxes within several months of filing.

How Do I Complete A Company Tax Return?

With how vital your company tax return is to running your business, you’ll naturally want to know how to file it. Thankfully, this may not be as difficult as you might have expected. While you’ll need to be careful filling out the forms, the rest is much simpler.

The steps to filing a company tax return are:

  • You must first register with the HMRC online, which will give you an ID and password to login with. The rest of the process will be done online.
  • Your company tax return should be filed online alongside fully completed calculations, accounts, and CT600.
  • Alongside filing your documents with the HMRC, you’ll need to submit them to Companies House. To do so, you’ll need to make sure that you’re registered and have an authentication number. You can file with Companies House either online or in the post.

You can do all of this itself. Many entrepreneurs, however, might not have the skills or time needed to complete this process. That could lead to mistakes being made, which could cause you some issues.

If you’re worried about this happening, then it could be recommended that you hire an accountant or other expert.

When Do I Need To Complete It By?

Since you’ll need to submit your company tax return every year, you’ll want to know when you should have it in by. This can vary depending on your company itself. Specifically, it depends on when your business’ fiscal year ends.

Your tax returns will have to be submitted no later than 12 months after this. That’s just your company tax return, however. When it comes to corporation tax, you’ll have to pay this no later than nine months and one day after the accounting period is finished.

If your fiscal year ends on December 31, 2021, for example, you’ll have to pay your corporation tax by October 1, 2022. Your company tax return, however, can be submitted by December 31, 2022.

What Happens If It’s Wrong?

With how complicated a company tax return can be, you might be worried about getting it wrong. Could there be some significant legal implications for you? Thankfully, you should be able to fix any mistakes within a year of your tax return being filed.

It’s worth noting, however, that you could be fined for any mistakes. As such, it’s worth checking and fixing them as soon as you think you made a mistake. You should also know that the figures you submit may be checked at any time.

As a result, submitting any false information will be discovered, and you may be due fines or penalties.

Wrapping Up

Completing and sending in your company tax return can be difficult, especially if you’re not good with numbers. That can often lead to mistakes. While that doesn’t have to be too large of an issue, it could lead to more stress than it’s worth. That’s why it’s worth hiring a professional to take care of it.

Not only will the tax return be taken care of, but you can spend the time you save on other aspects of your company. That could be a double win for you, as not only is everything done, but you can focus on improving other business areas.

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