Detailed guide: Corporation Tax: check if you must amend your Company Tax Return

Overview

Some Corporation Tax legislation changed in the Finance (No 2) Act 2017. Although the changes received Royal Assent on 16 November 2017 they’re effective from 8 March 2017 for appropriation to trading stock and 1 April for some other areas.

This means some Company Tax Returns that included accounting periods ending between 8 March 2017 and 16 November 2017 may be incorrect. If your return is wrong you need to amend it.

It’s important that you amend your Company Tax Return as soon as possible, as HM Revenue and Customs (HMRC) may open an enquiry into the return if you don’t.

Company Tax Returns that need to be amended

You’ll need to amend your Company Tax return if you filed a return before 16 November 2017 that didn’t take into account the amended legislation for an accounting period ending after:

  • 8 March 2017 and it contains entries that are affected by assets appropriated to trading stock
  • 1 April 2017 and it contains entries that are affected by:
    • loss reform
    • corporate interest restrictions
    • substantial shareholdings exemption
    • offshore property developers
    • restrictions to deductions for employers’ payments into employee benefit schemes

How to amend your Company Tax Return

You can amend your return by either:

Get help

You can contact HMRC to get help or more information about:

Contact your company’s HMRC Client Relationship Manager (CRM) with any other questions.

Contact the Corporation Tax Helpline if you don’t have a CRM.

Source: HMRC

How to successfully run a fintech business

As the technology sector continues to grow at an incredible rate, new avenues to make our lives easier are opening up in every industry; including finance. Fintech has become the new buzzword, with businesses popping up every day looking to disrupt the notoriously laborious financial sector. Here, Anna Tsyukpo, CEO of fintech company Paybase, gives her top five

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Source: SmallBizUK

Essential Black Friday tips for Amazon sellers

Amazon introduced Black Friday to the UK in 2010 and since then the sales event has grown to be a huge success for many e-commerce sellers. Although Black Friday began as a single day of sales it now often runs for longer and once more, Amazon is very much leading the way. Many retailers now

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Source: SmallBizUK

Detailed guide: Register your client’s trust

When to register

If your client has a trust with a tax liability you must register by 5 October of the tax year after either:

  • the trust has been set up
  • when it starts to make income or chargeable gains, if this is later

If your client set up a trust between 6 April 2016 and 5 April 2017, you have until 5 January 2018 to register it with HM Revenue and Customs.

What you need

Trust

You’ll need:

  • the name of the trust
  • the trust address and telephone number
  • the date the trust was established
  • where the trust is resident

Beneficiaries

For individual beneficiaries, you need their:

  • name
  • date of birth
  • National Insurance number or passport details

To register:

  • unidentified beneficiaries you’ll need the description of the beneficiaries from the trust deed
  • company beneficiaries you’ll need the company beneficiary name and Unique Tax Reference (UTR) number
  • charity beneficiaries you’ll need the charity beneficiary name

Trustees, settlors and protectors

You need their:

  • name
  • date of birth
  • National Insurance number or passport details

You’ll also need the trustee’s telephone contact number.

To register a corporate trustee, you’ll need their:

  • company name
  • company UTR number
  • contact email address

Assets

For share assets you need the:

  • share company name
  • number of shares
  • class and type of share
  • value of the shares when the trust received them

For property assets you need the:

  • name of the property or land
  • full value of the property or land
  • value of the asset allocated to the trust

For money assets you’ll need the total amount of money in the trust.

How to register

You need to have an agents service account. If you’ve already got one, you need the User ID and password you created when you set up the account.

If you don’t have an account you can create one the first time you register a trust. You’ll need your agency’s UTR and postcode to do this.

You can save your progress, however you can’t update your registration once you submit it.

What happens next

We will send your client a UTR – you’ll need it to send a tax return using the Self Assessment for Agents online service.

Source: HMRC

Detailed guide: Register your client’s estate

When to register

If your client has an estate with a tax liability, you should register their estate by 5 October of the tax year after they died.

What you need

Estates

You need the:

  • name of the estate
  • estate address and telephone number
  • date the administration period ended

Details about the person that’s died

You need their:

  • name and address
  • date of birth and date of death
  • National Insurance number if still available

Personal representative

You need their:

  • name
  • email address and telephone number
  • National Insurance number and date of birth

You can save your progress, however you can’t update your registration once you submit it.

How to register

You need to have an agents service account. If you’ve already got one, you need the User ID and password you created when you set up the account.

If you don’t have an account you can create one the first time you register a estate. You’ll need your agency’s Unique Taxpayer Reference (UTR) and postcode to do this.

You can save your progress, however you can’t update your registration once you submit it.

What happens next

We will send your client a UTR – you’ll need it to send a tax return using the Self Assessment for Agents online service.

Source: HMRC