Watch out. Corporation tax self-assessment has arrived for accounting periods ending after 1 July 1999.

Taxing situation

Things to look out for when conforming to tax self-assessment:
  • pay tax nine months after the end of the accounting period;
  • file tax return within 12 months of end of accounting year;. submit accounts with tax return;
  • keep records for longer and in accordance with Companies Act;
  • shareholder information to be included;
  • loans repaid within 12 months of end of accounting year have to be included;
  • controlled foreign companies and transfer pricing included in self imposed anti-avoidance provision.

Source

Electrical and Mechanical Contractor

Postscript

Robert Maas is a partner in City firm Blackstone Franks & Co.