Whether you have paid full taxes and done everything right, you could, or your business can still be selected for Tax Investigation
Corporation Tax Return (CT600)
Corporation Tax Return (also known as CT600 form) must be filed with HMRC by all Limited Companies within 12 months after the financial year. Although it is calculated on the profits made during the Accounting Period (AP) (also known as Chargeable Accounting Period or CAP), you are still required to do one even if you made a loss. This is usually the same as its period of account, providing its is twelve months in length or less.
An Accounting Period can never exceed 12 months in length. Late returns are subject to penalty and late payments are subject to interest charge. Note, even though the CT600 doesn’t need to be filed until 12 months, the payment must be done within 9 months and 1 day after the year end.
Like many other taxes in the UK, Corporation Tax is no different when it comes to complexity. With the continuing changes in the legislation, tax reliefs and rates, it is important to get professional advice and plan to minimise your tax liability.
Sole Trader, individual or partnerships are not required to pay Corporation Tax, instead they are required to pay taxes through self-assessment tax returns (also known as Personal Tax Return or SA302).