Corporation Tax

When your company is formed at Companies House, HMRC automatically issue a form CT41G to your company’s registered office address entitled: Corporation Tax – New Company Details. The CT41G form includes your Company Unique Taxpayer Reference (UTR) number (not the same as your Personal UTR number). HMRC register your company for Corporation Tax once they receive this completed form.

Corporation Tax is a tax charged on the taxable profits of your company. Company profits are calculated when allowable business expenses are deducted from the company turnover (revenue). Companies with profits below £300,000 are taxed at the small profits rate of Corporation Tax of 20%.

As a director, you have important responsibilities with regards to your company’s Corporation Tax, including:

  • Filing a Corporation Tax Return (known as a CT600) with HMRC every year. The CT600 should be filed, together with a set of the company’s annual accounts, within 12 months of the company’s financial year end date. Two returns may be required in the first year.
  • Paying any Corporation Tax due to HMRC within 9 months and one day from your company’s financial year end date.

Failing to meet these obligations may lead to penalties and interest charges.

First Freelance provide the following services to our clients:

  • Completion of form CT41G (if you do not use our Registered Office service, look out for this form and ensure you complete and send it to HMRC as soon as possible).
  • Advising on Corporation Tax payment due to HMRC.
  • Preparing & filing the annual Corporation Tax return (CT600) with HMRC.
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