HMRC have published detailed guidance on the company accounts they require to be submitted as part of a Company Tax Return.
The legal obligation for a company to deliver a Company Tax Return is generally created by HMRC serving a ‘Notice to deliver a Company Tax Return’ contained in form CT603.
The completed Company Tax Return form CT600 must be accompanied by accounts and computations. These documents together constitute the Company Tax Return therefore failure to file all the requisite documents by the filing date could result in a late filing penalty.
The accounts are those which a company is required by statute (Companies Act 2006 and other legislation) or its own constitution to prepare, irrespective of any separate provisions that allow small and medium-sized companies to file abbreviated accounts with Companies House.
Generally this means that full accounts with the accompanying detailed notes and detailed profit and loss account should be submitted.
The detailed guidance can be found on the HMRC website
As many readers will already be aware, from 1 April 2011 onwards, all companies and organisations must submit their Company Tax Returns online for any accounting period ending after 31 March 2010.
To file online taxpayers will be able to use HMRC’s free software, commercially available software, or continue to use the services of a tax agent or adviser.
From 1 July 2010 and as previously mentioned in eNews, in preparation for the change from paper to online, HMRC stopped issuing blank paper return forms and guidance notes (forms CT600 & CT600 Guide) with the ‘Notice to deliver a Company Tax Return’ (form CT603).
The forms will still be able to download and print from the HMRC website, however taxpayers or agents wishing to still file via the paper mechanism will have to submit the return before 1 April 2011 for any accounting period ending after 31 March 2010.
Any submissions after 1 April 2011 for accounting periods ending after 31 March 2010 must be made online.
From the same date, companies and organisations will have to pay any Corporation Tax and related payments due electronically (for example by Direct Debit).
For more information about these changes see here