If you are a director of a limited company you should be aware of your obligations to prepare and submit a Corporation Tax Return. The Return, in conjunction with the company accounts and corporation tax computations, provides H M Revenue & Customs (HMRC) with information on how the company has traded during the most recent accounting period and what you believe is the company’s liability to Corporation Tax for the period.
Preparation of corporation tax computations can be quite complex and if you are not sure of all relevant tax rates and allowances, preparation of the Return can be stressful and if done incorrectly, could cost your company unnecessary additional tax.