Whether you are coming to the end of your Company's first year of trading, or have been
trading for several years,at the end of each year you need to file your Corporation
Tax return with HMRC and pay any Corporation Tax due.
This process includes completing a CT600 (the Corporation Tax return) and attaching a set of IXBRL Tagged Company Accounts.
You may choose to do this yourself or use the services of an accountant who has access to IXBRL Tagging software.
In this article however we show you how to do it yourself (yes you can), which will save you money along with having greater control on what you report in your return and accounts.
Once your accounting period has finished, you have a year to file your Corporation Tax Return to HMRC. However, if you are due to pay Corporation Tax, it must be paid to HMRC within 9 months and a day of your accounting period ending. You also need to file your accounts with Companies House within 9 months of the Companies year end.
Ok, so that may sound a bit daunting and official, so lets break it down into simple steps that Easy Digital Filing enables for the create and file a CT600 Corporation Tax return along wth IXBRL Company Accounts.
Generally an annual return to HMRC is made up of 3 parts:
We have produced easy to follow templates: one that allows you to create the CT600 and the associated computations, and one that creates the tagged accounts.
The CT600 asks you to fill in your income information in a way that allows us to create the computations in the background. There are additional pages if you need to report on items such as Capital Allowances, how to file a Research and Development claim, additional income, and loans to participants.
The accounts similarly have simple to use templates. For Micro Companies there are just four templates you need to fill in. Once you have filled in your details we format the accounts with iXBRL tags, ready for submission to HMRC.
We appreciate that creating your tax return can take time, especially when juggling the commitments of running your company as well, so you can log on and off as many times as it takes to complete your return, even over months! Your data is continually saved across multiple UK located servers, so you have no worries on ever losing data unless you want to (when you delete a filing all data is removed after 48hours, so we can recover it up to then - just chat a request for reinstatement).
Once you are happy that you have entered in all your data, and are ready to file to HMRC, we ask you to pay at this point - so no need to commit before you have tested our software up to the point of filing. We offer email, an online chat, knowledge based articles, item context tooltips, Inline Help pages, and of course phone support to help you along.
When you are ready to submit to HMRC and/or Companies House, you just click the submission button and the platform does the rest; the accounts and computations are IXBRL Tagged, encoded and attached to the Digital CT600 and transmitted through to the HMRC Gateway. You will receive instant feedback as to whether your filing was successful, if you have made an error, you can correct it and resubmit (as many times as you need to), that's all included in the price you pay.
We now also offer the ability to file to Companies House at the same time as you file to HMRC. Please see our article on Filing Company Accounts to Companies House. Remember Companies House require you to file your accounts to them within 9 months of end of your accounting period (and the fine is slightly more than HMRC).