Fundamentals Of Corporation Tax For New Companies And Organizations

The tax charged on the taxable profits of limited companies and some other organizations

, such as associations, clubs, societies and other unincorporated firms, is known as corporation tax.

If one is starting a new company or organization and is liable to pay corporation tax, then it is required to notify HMRC about it. As per the provisions, the person also has to submit a company tax return for corporation tax in each tax year.

A limited company is one of the major forms of business ownership. It is legally an artificial person separate from its shareholders and directors. It has to register at Companies House. It is compulsory for these companies to file some documents with Companies House on the commencement as well as annual basis. These requirements to be fulfilled for Companies House are different from what the company is required to do for HMRC for the purpose of Corporation Tax.

The Companies House gives the information regarding the commencement of a new company to HMRC which is then used by it to record the identity of your company on computer. HMRC, then, allots the company a ten-digit reference number known as Unique Taxpayer Reference (UTR). It also sends form CT41G (Corporation Tax - Information for New Companies) to the registered office of the company. This form contains the company's UTR and must be kept safe as it would be of help when it is needed to contact HMRC. It also provides other necessary information related to tax implications.

A company must inform HMRC about its being active for the purpose of corporation tax, London within three months of beginning the business activity. This information can be given to HMRC through online way. Then, HMRC will update the records of the company to show this additional information and will notify you regarding the deadlines of the payment of corporation tax and submission of completing tax return.

The requirement of notifying HMRC of being liable to corporation tax, paying it within due dates and completing the return is also to be fulfilled by new clubs, associations, societies and other unincorporated bodies. HMRC will allocate the relevant reference numbers and send the relevant forms to these organizations.

The new companies and organizations need the services of accountants Walsall or tax advisors to take care of the timely payments of corporation tax and completing returns on behalf of these companies and organizations. The person-in-charge will be responsible for doing all the formalities regarding this matter.

by: dasuk

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