|First 10,000 business miles in the tax year||Each business mile over 10,000 in the tax year|
|Cars and vans||45p||25p|
These rates apply to all journeys on or after 1 June 2013 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either.
|1400cc or less||15p||10p|
|1401cc to 2000cc||17p||12p|
|1600cc or less||12p|
|1601cc to 2000cc||14p|
If you are filing your company’s first accounts and those accounts cover a period of more than 12 months, you must deliver them to Companies House:
The deadline for delivery to Companies House is calculated to the exact day.
For example, a private company incorporated on 1 January 2011 with an accounting reference date of 31 January has until midnight on 1 October 2012 (21 months from the date of incorporation) to deliver its accounts, not 31 October.
If the first accounts cover a period of 12 months or less, the normal times allowed for delivering accounts apply
Unless you are filing your company’s first accounts, the time normally allowed for delivering accounts to Companies House is:
A UK Corporation Tax Return for a small limited company (preparing Companies Act or IAS individual accounts) includes form CT600, the accounts and the tax computation together with any accompanying information as required. This must be submitted to HMRC electronically. The accounts forming part of the return must be in iXBRL format.
iXBRL tagging of UK statutory financial statements has been required for tax purposes since 2011. It has been mandatory for organisations since accounting periods ending after 31 March 2010 and filing their tax return after 31 March 2011.
If the company chooses to file abbreviated accounts at Companies House, the full statutory accounts must be filed as part of the tax return.
A dormant company will not have to deliver a return unless it is sent a statutory notice to do so. In most cases, if HMRC has been notified that a company is dormant, no notice to deliver a return will be issued.
If you’re a company director or ‘participator’ and take money out of your company that’s not a salary or a dividend – over and above any money you’ve put in – you’re classed as having received the benefit of a director’s loan.
If your director’s loan account is overdrawn, your company must pay tax on any amount you’ve not repaid by nine months after the end of your Corporation Tax accounting period.
If you’re a company director (or other participator of a close company) and take money out of the business over and above any money you’ve put in, and that money is not a salary, dividend or reimbursement for a business expense, then the money is not yours – it belongs to the company. You’ve received the benefit of a director’s loan from your ‘director’s loan account’.
If you lend your company money (for example by paying money into your company’s bank account as opposed to, say, buying shares) your director’s loan account is in credit.
You can draw some or all of this money out at any time. There are no tax implications for your Company Tax Return.
If you take money out of your company’s bank account over and above money you’ve loaned to the company – and that money is not a salary or a dividend – then it’s a loan from the company to you. Your director’s loan account is overdrawn.
You exclude from your flat rate turnover:
Your flat rate turnover is all the supplies your business makes, including VAT. This means all of the following:
Note: as exempt and zero rate supplies are included in your flat rate turnover you apply the flat rate percentage to the exempt and zero rate turnover. You may pay more VAT by being on the scheme if these supplies are a larger proportion of your business turnover than the average for your trade sector.
Deadlines for submitting your VAT Return
You must submit your return so that HMRC receives it by the due date.
This deadline is shown on your online return and is normally one calendar month and seven days after the end of your VAT period.
Vat period ending
Deadline for online submission
|31 January 2013||7 March 2013|
|28 February 2013||7 April 2013|
|31 March 2013||7 May 2013|
|30 April 2013||7 June 2013|
|31 May 2013||7 July 2013|
|30 June 2013||7 August 2013|
|31 July 2013||7 September 2013|
|31 August 2013||7 October 2013|
|30 September 2013||7 November 2013|
|31 October 2013||7 December 2013|
|30 November 2013||7 January 2014|
|31 December 2013||7 February 2014|
Deadlines for paying your VAT
If you pay by online Direct Debit, HMRC will collect payment from your nominated bank account a further three bank working days after the due date for your return. This means that online VAT Direct Debit offers you more time to pay than any other method.
A business commences on 1 October 2012. The first accounts are made up for 12 months to 30 September 2013 and show a profit of £45,000.
The basis periods for the first 3 tax years are:
|2012-2013||Year 1||1 October 2012 to 5 April 2013|
|2013-2014||Year 2||12 months to 30 September 2013|
|2014-2015||Year 3||12 months to 30 September 2014|
If the profits for 2012-2013 are computed by an apportionment using the number of days in the relevant periods, the taxable profit for 2012-13 is £45,000 x 187/365 = £23,054.
The payments on account required for any tax year are calculated by reference to the tax liability for the preceding year. For those taxpayers whose tax liability is relatively constant from year to year this method of calculation ensures that the payments on account required approximate to the additional tax required over and above any tax deducted at source during the year.
However, it is always possible that a taxpayer’s circumstances change significantly from one year to the next. In such circumstances, it is possible that the payments on account, as originally calculated, eventually result in a net over-payment of tax for the year.
In order to avoid over-payments of tax a taxpayer may make a claim to reduce or cancel the payments on account. Claims are required to ensure that HMRC does not commence recovery proceedings to enforce payment for tax that will have to be repaid at the balancing payment date.