Chapter 4 - CT Self Assessment

Question 1

Intro

Answer 1

CTSA deals with all the admin areas of corp tax and payment of tax. Companies submit CT600 (tax return) with a set of accounts. Must be done online.

Question 2

Notify Chargeability

Answer 2

Companies have to notify HMRC when the first accounting period begins or when they come back within the charge to tax. Written notice must be given within three months of the start of the accounting period.

Question 3

Notice to File a Return

Answer 3

HMRC send out a CT603 notice requiring the co to submit a CT600. Until given, the co has no obligation to file a return. If a co doesn’t get a CT603, it must tell HMRC within 12 months of the chargeable AP end

Question 4

Filing a Return

Answer 4

A CT600 is due 12 months from the end of the POA or 3 months from the receipt of C603 filing notice if it causes a more than 12 month delay.

Question 5

Long Periods of Account

Answer 5

Two returns are submitted but the due date for filing is the same

Question 6

Amendments

Answer 6

HMRC have 9 months from actual date of filing to correct any obvious errors.
Company has 12 months from DUE filing date to make amendments

Question 7

Enquiries

Answer 7

If filed on time, HMRC have 12 months from actual filing date.
If late, they have 12 months from the next quarter day following the filing

Question 8

Record Keeping

Answer 8

Company must keep records for 6 years from the end of each period in which a CT600 is submitted.

Question 9

Discovery Assessments

Answer 9

HMRC may make an assessment on a co that isn’t a self-assessment. They can do it where

• the loss of tax was brought about carelessly or deliberately by the company; or
• HMRC have not been provided with sufficient info to allow them to make a correct assessment of co profits