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section at the end of your Company Tax Return form which you or an
authorised person must read, sign and date to verify that the
information in your return is correct and complete to the best of your
knowledge and belief.
DeductionAn amount you deduct from your taxable profit for Corporation Tax purposes.
uses deductions and reliefs to refer to various expenses, losses or
allowances that you subtract from your profits before you calculate how
much Corporation Tax to pay.
This is in contrast to credits or other types of relief that are deducted directly from the amount of Corporation Tax payable.
fixed plant or machinery, not forming part of a building, or any asset
that will have a life of 60 years or less from when it was acquired by
your company or organisation.
you don't file a Company Tax Return, your company or organisation will
be charged a penalty and HMRC will tell you how much Corporation Tax you
must pay by making a determination of tax payable and issuing you with a
notice to pay.
director, shareholder or other participator in a close company may loan
their company money or borrow money from their company through a
directors' loan account.
Overdrawn directors' loan accounts are taxable, interest paid to a director on a director's loan account in credit is taxable.
assessment issued by HMRC when it finds out that your Company Tax
Return is wrong but it's too late to amend it. HMRC makes an assessment
to collect the extra Corporation Tax your company should have paid.
determination made by HMRC when it finds out that your Company Tax
Return is wrong but it's too late to amend it for an amount (such as a
loss) that may affect the tax payable for another accounting period.
DormantA dormant company or organisation is not liable for Corporation Tax.
your company or organisation is dormant for Corporation Tax purposes
when it is not active, that is, not carrying on any business activity,
such as trading.
deadline to pay your Corporation Tax, normally nine months and one day
after the end of your accounting period - also known as normal due date.