- C -
CalculationSee 'tax calculation'.
you to deduct (write off) the cost of your company or organisation's
capital assets - such as machinery, computers, equipment or vehicles -
against your taxable profits for Corporation Tax. Instead of deducting
the full cost of the item as an expense from your taxable profits in the
year you bought it, you deduct a portion of that cost over a period of
years. Compare with 'balancing charge'.
Capital Gains TaxSee 'chargeable gain'.
Carry on BusinessA company or organisation that is active.
Charge to Tax, theCompanies
and organisations that are subject to Corporation Tax deadlines and
requirements are known to HMRC for Corporation Tax purposes as being
within the charge to Corporation Tax, chargeable to tax or in the charge
to tax. HMRC also refers to these companies and organisations as active
or trading or engaging in business activity - also known as being
liable for Corporation Tax.
your company or organisation is liable for Corporation Tax, you do not
pay Capital Gains Tax separately on your capital gains (in contrast to
individuals, self-employed, sole traders or partners in partnerships).
Instead, you pay tax on your chargeable gains as part of your
Corporation Tax profits.
Chargeable to TaxSee 'charge to tax, the'.
Charitable PurposesCarrying out the primary purpose of the charity and/or directly serving the beneficiaries of the charity.
ClaimAn amount that reduces your taxable profit or tax payable; you generally make a claim as part of your Company Tax Return form.
See 'deduction' and 'relief, tax'.
company that is controlled directly or indirectly by five or fewer
participators or any number of participators if they are all directors.
Close investment-holding company
company that does not exist wholly or mainly to produce goods or offer
services itself, but instead acts as a holding company by owning shares
of other companies.
Closure NoticeThe notice HMRC sends you to complete an enquiry into the Corporation Tax affairs of your company or organisation.
ClubAn unincorporated members' club such as a sports or social club that may be liable for Corporation Tax.
Sometimes HMRC uses 'clubs' to also refer to societies, voluntary associations and other unincorporated bodies.
See 'Community Amateur Sports Club ' and 'unincorporated organisation'.
Community Amateur Sports Club (CASC)A sports club that's registered with HMRC. Some Community Amateur Sports Club activities are 'exempt' from Corporation Tax.
government agency that registers limited companies and receives
accounts and other company information delivered under the Companies
Acts and related legislation.
CompanyA limited company that is registered in the UK or trades in the UK is liable for Corporation Tax.
also uses company to refer to members' clubs, associations, societies
or other unincorporated bodes that are subject to Corporation Tax
deadlines and requirements.
Company Tax ReturnYou account for your company or organisation's Corporation Tax by delivering a Company Tax Return.
Company Tax Return includes a Company Tax Return form CT600, (or CT600
(Short) if appropriate) and any relevant supplementary pages
(CT600A-CT600J), accounts, computations and other supporting
documentation as appropriate.
Company Tax Return FormThe
form you submit as part of your Company Tax Return. There are two paper
Company Tax Return forms - the CT600 and the CT600 (Short) - and an
maths which show how entries on your Company Tax Return form have been
calculated from the figures in your company accounts - you attach these
computations to your return if, for example, you're claiming marginal
rate relief you need to attach a computation showing how you calculated
those figures. Compare 'tax calculation'.
tax on the taxable profits of limited companies and some organisations
including charities, clubs, societies, associations, cooperatives and
other unincorporated bodies.
Corporation Tax Self AssessmentA
term used to indicate that it's up to you (rather than HMRC) to work
out how much Corporation Tax your company or organisation needs to pay
for each accounting period.
You self assess your own Corporation Tax by filing a Company Tax Return.
credits reduce the amount of Corporation Tax you pay by deducting an
amount (the credit) directly from the amount of Corporation Tax you
would have paid. If you don't have any Corporation Tax to pay, sometimes
you can get a cash repayment.
CT603See 'Notice to deliver a Company Tax Return'.