Navigating the world of business compliance can feel like a labyrinth, especially when it comes to filing your annual tax returns and company accounts. Thankfully, for UK businesses, there’s a streamlined online service that can make this process significantly easier. Let’s break down how to effectively use this service to keep your company compliant and your mind at ease.
What is This Service For?
At its core, this online service is your one-stop shop for two crucial annual filings:
- Your Company Tax Return (CT600) for Corporation Tax: This goes directly to HM Revenue and Customs (HMRC), ensuring you meet your tax obligations.
- Your Company Accounts: These are submitted to Companies House, providing a public record of your company’s financial health.
The best part? If your tax return and accounts cover the same accounting period, you can even file them both at the same time – a real time-saver!
Are There Any Special Considerations?
While the service is incredibly convenient for most, a few types of organizations have slightly different procedures:
- Charities and Unincorporated Associations: You can use this online service for your HMRC tax return. However, when it comes to your accounts for Companies House, you’ll need to use specialized filing software.
- Community Interest Companies (CICs): Similar to charities, you’ll use this online service for your HMRC tax return. But for your accounts, you’ll utilize the dedicated Companies House online service.
Important Note: Don’t confuse filing your tax return and accounts with your confirmation statement (annual return). The confirmation statement, also filed with Companies House, is a separate process altogether.
What Do You Need Before You Start?
To ensure a smooth filing experience, gather these essential items before you log in:
- Your Company’s Annual Accounts: These are your financial statements. Crucially, they must be “balanced,” meaning your total assets should precisely match your total liabilities. Accuracy here is key!
- Your Government Gateway User ID and Password: This is your primary login for various government online services. If you haven’t got one yet, don’t worry – you can easily create one the first time you use this filing service.
- Your Companies House Password and Authentication Code: If you’re planning to file your accounts at the same time as your tax return, you’ll need these specific credentials. You would have received these when you initially registered your company with Companies House.
Are There Alternatives to Online Filing?
While online filing is highly encouraged and the most efficient method, there are very specific circumstances where you might be able to file a paper CT600 form:
- Reasonable Excuse: If you have a legitimate and “reasonable excuse” that prevents you from filing online (e.g., a severe technical issue beyond your control), you may be able to use the paper form.
- Welsh Language Filing: If you prefer to file your tax return in Welsh, a paper form is currently the option.
Crucially, if you use a paper form, you must also complete and mail Form WT1. This form serves as an explanation for why you’ve chosen not to file online. Get in touch with AccelUS today to know more!
