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HMRC internal manual

Labour Provider Guidance

Interventions: compliance routes: Corporation Tax

Corporation Tax (CT) is a tax on the profits of limited companies and some organisations including clubs, societies, associations, co-operatives, charities and other unincorporated bodies.

Taxable profits for CT include

  • profits from taxable income such as trading profits and investment profits
  • capital gains - known as ‘chargeable gains’ for CT purposes

All aspects of company taxation including appeals, enquiries, payments and penalties are covered within the COTAX Manual (COM)

Corporation Tax Self-Assessment

CT Self-Assessment applies to all company accounting periods ending on or after 1 July 1999.

Companies make a self-assessment and pay tax for an accounting period. This is normally a 12 month period and in most cases is the same as their 12 month financial year.

From 1 April 2011 for Accounting Periods ending after 31 March 2010, companies and organisations must submit their CT returns online.

The company tax return consists of

  • a completed return form (CT600)
  • accounts
  • computations

A company must pay their tax liability no later than nine months and one day after the end of the accounting period.

COTAX is the electronic computer system that deals with the assessment and collection of CT. Access to this system can be obtained through SRS.

Company Dissolution or striking off

The dissolution process starts at Companies House by either:

  • Receipt of a request to strike off by the directors of the company – this is known as voluntary strike off
  • Failure to comply with Companies House regulations – this is known as compulsory strike off

Both types of strikes offs are noted on the Companies House website as Intent to strike off (ITSO) and will show a status of Active – Active proposal to strike off.  You can only object to this status, you cannot make objections if the company is in Insolvency.

COM42200 provides further information on how to object to an ITSO.