ACCOUNTANTS OF KENT : FREEAGENT : LONDON UK :
COMPANY TAX RETURN
FreeAgent Accountants. Accountants of Kent Limited. AccKent.com
0745 838 0724 hello@AccKent.com
Accountants in Dartford, Accountants in Kent, Accountants in London
Company Tax Return Accountants : Self Assessments
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Company Accounts, Tax Returns, Self Assessments
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FreeAgent Accountant - Company Tax Return Accountants & Self-Assessments
Accountants of Kent, based in Dartford Kent, serving the UK online.
Our philosophy is simplicity, effectiveness, efficiency.
We provide services to UK based micro/small limited companies and sole traders be it self-employed, contractor or freelancers. We want to continuously and proactively engage and develop your business whilst assisting with your company accounts, tax-returns and statutory obligations. We can also assist with one-off company accounts and tax returns, and one-off self-assessment even if you use spreadsheets, statement downloads or other software.
Review our services, get in touch, and then join other happy clients who with ease, simply switched over to us. We amongst other accounting software use FreeAgent and have found this to be the perfect partner for small businesses and sole traders. You could get
FreeAgent for Free.
With us keeping costs low, we directly pass on the savings to you. This is supported by us being predominately web-based and with us continuously adapting to change. We're responsive, proactive and forward thinking. Send us your queries and we'll give you the solutions. See our Services & Fees page for more details including Company Tax Returns CT600 and Self-Assessments SA100.
simplicity, effectiveness, efficiency
By being online we can help you with the search for an accountant near me. With access to award winning accounting software FreeAgent, you our client could potentially login and access a highly reviewed accounting software for free. With us keeping our costs low, we can offer you cheap accounting in Dartford Kent London England and beyond, we're your online local accountant, accountant that's always near me. From being a personal tax accountant, company accountant, a self assessment tax return service including online tax returns, we can cover your requirements. Hopefully the question of do I need an accountant will be answered with us being your business partners. If your are looking for a company tax return accountant, then we are that company tax return accountant.
CT600 Corporation Tax Return
A Company Tax Return is the return that must be submitted to HMRC by Ltd Companies after the end of their financial year. A form called a CT600 is the main part of the Company Tax Return. Every limited company that is based in the UK is subject to corporation tax on their profits.
The first thing you must do is register your company with HM Revenue and Customs (HMRC), using its official forms, so it knows you’re liable for corporation tax. If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.
We Accountants of Kent can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company. Having us at your company tax return accountant will smoothe the filing process.
Does the thought of completing your company tax return (CT600) fill you with dread? Does it always get put off until the last possible minute?
Unfortunately leaving until the last minute means mistakes get made, things get missed and errors occur.
We’ve made the whole process of completing your company tax return really easy, you won’t have to deal with HMRC, you’ll never miss a deadline and always pay the correct amount in tax. A Ltd Company’s financial year can run to the last day of any month of the year, usually initially dictated by the month that the company was incorporated. The deadline for your Company Tax Return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline. Interestingly there is a separate deadline to pay your Corporation Tax bill which is usually 9 months and one day after the end of the accounting period. We recommend that all our clients file everything well before either deadline so that they know exactly what they have to pay and when. You can check when your company year-end is on the Companies House website.
Your Company Tax Return (CT600) tells HMRC how much taxable profit your company has made and subsequently the amount of tax you should pay. Taxable profit and Operating profit can be quite different depending on the allowances and accounting treatments used – so it’s important that you know exactly what you’re doing and fully compliant to accounting and tax legislation. Otherwise you risk HMRC investigations and fines.
We are often asked about the company tax returns (CT600’s) that are needed during the first year of operating a limited company. This is often due to HMRC writing to a limited company and formally requesting for a company tax return to be filed for two different and separate periods of time. The term CT600 is the name of the HMRC form that is used to file a company tax return for the purposes of declaring the corporation tax due on limited company profits.
The form CT600 is one element of the company tax return. A full company tax return comprises the following elements:
1. Form CT600
2. The Company Accounts
3. Tax Computations
4. Any supplementary pages
It is a requirement for all limited companies to file a properly completed for CT600, the computations showing how the figures in the return have been derived from the relevant contents of the company accounts, a copy of the Full Company Accounts.
Since 2011 it has been compulsory for all companies to file the company tax return with HMRC online and this must be completed using the iXBRL computer language. This allows HMRC to receive one file containing the CT600, the corporation tax computations and the company accounts. A qualified accountant will often use industry specific accountant software that is designed to complete this task. Furthermore, this professional accountant software is usually linked to the accountant’s HMRC agent account allowing the accountant to submit the company tax return to HMRC on your behalf. The accountant will generally only need your company’s UTR to complete this submission.
When a new company is created this is can be on any day of any month but the filing date of the first set of accounts will be automatically set to end of the month 12 months later. This more often than not results in the first set of Company Accounts spanning more than 12 months in total, if even for only a few days. A company tax return (CT600) can only be prepared for a maximum of 12 months. This is why two tax returns are required to be submitted to HMRC during the first year of operating a limited company. The good news here is that only one set of company accounts spanning the full period (of slightly more than 12 months) is needed. The one set of accounts are filed with Companies House and in turn these one set of accounts form the starting point or the basis of the two company tax returns. An accountant when preparing the CT600 element of the company tax return and the corporation tax computations will simply apportion the relevant figures between the long and short periods. The first return will be for the first 12 months and the second return will be for the rest of the period. Overall the same amount of corporation tax will be due. When paying the corporation tax due for the period it is advisable to pay this as two separate amounts for the two separate periods. You do need your HMRC payslip reference to be able to make these payments. HMRC will post out two letters with a formal request to file a company tax return and you can find the required payslip references at the bottom of these letters. Another option is to complete the full agent authorisation process for corporation tax and then your accountant will be able to access the payslip references via the online HMRC account. If you make the full payment for both period amounts against one payslip reference only, HMRC are likely to post a cheque refund to your company as they will assume that this in an overpayment. This means that you will need to bank this cheque and then make a further payment to HMRC. Getting the two payments right the first time round will avoid you needing to take this further action. If you do miss a company tax return or file it late you will receive an initial fine of £100 but this will increase over time depending on how late the return is. HMRC will also charge interest on any overdue corporation tax that remains unpaid.
If you are unsure of your filing obligations or need help from a qualified accountant then contact us at firstname.lastname@example.org
Self-Assessment Tax Returns
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
The most common reasons that a tax return may be required are as follows:
You are a company director
You have large amounts of savings or investment income
You have untaxed savings or investment income
You own land or property that is being let
Your household receives Child Benefit and you have income in excess of £50,000
You have income from overseas
You have sold or given an asset away (such as a holiday home or some shares)
You’ve lived or worked abroad or aren’t domiciled in the UK
The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.
At Accountants of Kent we use HM Revenue & Customs-approved software to:
Complete your tax return
Calculate your tax liability
File the return online
Liaise with you on the amounts to be paid and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted. This process helps to minimise your risk of a HM Revenue and Customs inquiry into your tax affairs. If you are experiencing cash flow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue and Customs on your behalf.
By giving you a fixed, competitive price, we can take the worry away when it comes to self assessment tax returns; allowing you to concentrate on running your business. Contact us at email@example.com or see our Services & Fee page for prices.
FreeAgent & Accountants of Kent
Voted the UK's #1 accounting software for small businesses!
Winner: 2020 Accounting Excellence Awards, Best Small Business Accounting Software
Winner: 2020 Accounting Excellence Awards, Best Small Business Accounting Software: Practitioners’ Choice
Winner: 2020 Accounting Excellence Awards, Best Data & Expense Management Software
FreeAgent is an online bookkeeping and accounting tool designed specifically for Freelancers, Sole Traders, Contractors and small business owners to give a real-time visibility of how their business is performing. It comes with a simple easy to use mobile app for Apple and Android, allowing you to upload expenses, mileage, tracking time on a project, and for sending invoices. For simpler businesses, like a freelancer or a contractor, it can be easily managed by someone who has little or no accounting experience. You can manage your own bookkeeping to keep your accounting fees low and also see how your business is developing.
FreeAgent is cloud-based accounting software used by approaching 100,000 sole traders and small businesses. It brings together financial elements from invoices, expenses, VAT and payroll, and also automatically imports bank transactions, thus eliminating much need for bookkeeping. You can connect to your online bank account and automatically import bank transactions with Bank Feeds. The software supports banks such as Barclays, HSBC, Lloyds, RBS and amongst many others. You can also upload electronic statements in a number of different formats. Check out FreeAgent’s knowledge base for free resources. FreeAgent helps to make smarter business decisions with insights and accounting reports. Admin is simplified with invoices, expenses and projects being a user friendly process. Cash flow is viewed at a glance, with profit and loss shown to update you on how much your profitability. FreeAgent is continually being developed with new features to make it an increasingly useful financial tool. Like similar online accounting software, it is cloud-based and is available on a software-as-a-service (SaaS) subscription basis. It’s an approved software by HMRC for the government’s Making Tax Digital (MTD) initiative including HMRC’s MTD VAT returns.
NO MORE SPREADSHEETS & BETTER SECURITY
FreeAgent removes the need for error-prone spreadsheets or the laborious task of trawling through last year’s bank statements and trying to remember what the expenses were, it goes beyond by using technology to automate much of the bookkeeping process.
Having the software in the cloud has many benefits from not having to update your software, to not worry about losing your computer’s data. It means that you can access your data almost anywhere and with almost any device that has a web browser. You can invoice from your phone whilst on a client’s site, or take a photo of a receipt with FreeAgent’s app in a few seconds which will update your FreeAgent records immediately. No need to keep a bag full of old receipts.
With HMRC’s pending Making Tax Digital (MTD) for sole traders and companies, everyone in the next few years will be submitting data to HMRC at least once a quarter through external software. If you get on board with cloud software like FreeAgent, you will be steps ahead ensuring your accounting and tax obligations are in order.
FreeAgent has some of the highest level of security with multiple availability zones to guard against localised, physical failure. These data centres meet the strictest security standards, including ISO 27001, 27017 and 27018 certification, and comply with the EU General Data Protection Regulation (GDPR). All information that passes between FreeAgent and your computer is securely encrypted over HTTPS using TLS v1.2, according to industry standard best practice. The strongest encryption algorithms (SHA 256) afforded by your browser are prioritised. Customer data is accessed by FreeAgent staff on an as-needed only basis, and only when approved by you the customer. These technical and organisational measures help ensure the confidentiality, integrity and availability of FreeAgent’s systems and your data at all times.
You can also access FreeAgent for free by opening a relevant business bank account with either NatWest, Royal Bank of Scotland, or Ulster Bank NI, or even by opening an online Mettle account. If so, you can access the full version of FreeAgent completely free of charge! That is so long as you maintain your subsidising account. This could save you around £400 annually!
PARTNER WITH ACCOUNTANTS OF KENT
We at Accountants of Kent are Accredited Accountants serving small businesses and contractors across the UK. We believe in bringing complete visibility of your business’s financial performance through the use of FreeAgent’s award-winning online cloud accounting software. Accountants of Kent are a FreeAgent partner. We had to pass FreeAgent’s expert exam as part of their accreditation programme. The exam tests our knowledge of every aspect of FreeAgent’s key areas such as estimates, invoices, expenses, self-assessment, VAT returns, corporation tax and banking.
FreeAgent from our experience offers first class customer service. Review other websites like Trustpilot to see how FreeAgent compares with other known competitors, then add in the fact it can be free, and then add the fact that having Accountants of Kent as your accounting business partner will help you reduce your tax liability, protect you against HMRC penalties, assist with your profitability and help you grow your business. Not to be biased, but it's probably cheaper to get an accountant and have peace of mind, knowing that everything is done by the book and to a high standard.
If you’re currently using FreeAgent, we can integrate your FreeAgent account into our Accountants of Kent platform. If you are planning to use FreeAgent, we can help you move to the platform and complete the setup process. FreeAgent can make your online accounting a piece of cake! Come join us, contact us at hello@AccKent.com or use the contact form below. Remember to subscribe from the Contact page for free accounting and tax tips.
Contact us for our limited company and self-employed services including self-assessments.
FreeAgent Accountants London. Accountants of Kent Limited. AccKent.com
599 - 613 Princes Road, Dartford, Kent, DA2 6HH
0745 838 0724