When a company tax return is due
A notice or approaching filing date is a prompt to check what work remains. Establish the period covered and whether the accounts are complete. Do not assume the company’s accounting profit is automatically the final tax figure.
From accounts to tax figures
The return process uses the accounts together with the information needed for tax adjustments. Significant purchases, finance arrangements and unusual transactions may need supporting detail. Keeping the records accessible helps resolve questions before the return is reviewed.
limited company accountsReviewing the return
Directors should understand the figures being submitted on the company’s behalf. We can discuss the calculation, information gaps and the scope of the filing work. The company’s circumstances determine the questions that need attention.
If the return is late or queried
If a return is already late, say so at the outset. If HMRC has asked questions, keep the correspondence and the original records together. Both situations need a more specific plan than simply repeating last year’s filing process.
Your questions, answered.
Is a tax return needed if the company made a loss?
A loss does not automatically remove a filing requirement. A notice to file and the company’s circumstances need to be considered.
What if accounts are not ready?
The accounts may need completing first. Explain the condition of the records and any dates that are approaching.
Who reviews the final figures?
The figures should be discussed with the responsible director before submission, with outstanding questions resolved.