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Declaration

The 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.

Deduction

An amount you deduct from your taxable profit for Corporation Tax purposes; HMRC 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.

Depreciating Assets

Any 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.

Determination

If 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's Loan

A 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.

Discovery Assessment

An 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.

Discovery Determination

A 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.

Dormant

A dormant company or organisation is not liable for Corporation Tax; generally 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.

Due Date

The 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.