Incorporation tax is due within 28 days of incorporation. CT41G Corporation Tax is payable within 30 days of the end of the financial year. This is a one off payment of £1,500 per person. You must pay corporation tax even if you are exempt under section 2(2)(a).
The following information is required for CT41G Corporation Tax:
• Name of Company – Full legal name including postcode
• Address where the registered office is located
• Registered address
• Date of Incorporation
• Details of Directors
How do I fill out the CT41(G)?
HM Revenue & Customs (HMRC) are changing the way businesses file their tax returns. They want everyone to use their online system, called eCTT. But it takes some planning to make sure you don’t miss out on claiming any credits or refunds. Here’s how to prepare for filing your return.
What does eCTT mean?
eCTT stands for electronic Common Tax Return. It’s the name given to HMRC’s new online tax return form. You’ll no longer have to print off a paper version of your return and send it to HMRC – just fill in the fields online. And because it’s digital, there’s less chance of mistakes being made.
You can start filling in your return now. If you’re self-employed, you won’t be able to claim anything unless you’ve registered for Self Assessment. To find out what you need to know about registering for Self Assessment, check our guide here.
Registering for Self Assessment
If you run a sole trader or partnership, you’ll need to register with HMRC. You can do this online, too. Once you’ve done this, you’ll receive a confirmation email telling you where to go next. Your registration number appears on your bank statement, so keep hold of that.
When am I required to submit my CT41(G)?
The UK government has announced it will begin enforcing changes to the tax code for digital businesses in April 2020. This includes requiring companies to submit a CT41 form every three months, unless they are dormant. If you run a digital business in the UK, there are some important things you need to know about this change.
If you don’t already have one, you’ll need to register for a VAT number. You can find out more information about registering here.
You must keep a record of transactions and payments, including invoices, receipts, purchase orders, and bank statements. For example, you might use a cloud accounting system like Xero or QuickBooks Online.
Keep a copy of the CT41(G) as a backup.
Make sure you’ve got an Active VAT Registration Number before you start trading. Find out how to apply for a VAT registration number here.
What is my UTR?
Your Unique Tax Reference Number (UTR) is an important part of keeping your company’s identity safe and secure. But what exactly is it? And how do you use it?
In this video we explain what is your UTR, why it matters, and how to protect it. We also show you how to generate one and give you some tips on where to store it safely.
Here’s an example of what your CT41(G) form will look like.
When entering new clients into CT4l1G, you can either chooce to register them directly online oder print out their forms. There are different versions of CT41g depending on whether you’re a company that’s just starting out or a companie that’s already trading.
Frequently Asked Questions
When should I send HMRC my CT41G?
If your firm ceases to trade and carries on no business activities, it should still file a Form CT41G with HM Revenue & Customs (HMRC). This applies whether the firm is dormant or active.
The deadline for filing a Form CT41G is usually one month after the end of the financial year, although there are exceptions to this rule. For example, if the firm does not carry on any business activities during the tax year, it must submit a Form CT41G at the start of the next calendar year.
However, if the firm becomes active again after ceasing to trade, it must complete a new Form CT41G. If the firm is dormant and becomes active, it must complete a second Form CT41G.
In addition, if the firm starts up a new business activity, it must notify HMRC within six weeks of starting trading. However, if the firm is dormant and starts up a new business, it must wait three months before submitting a new Form CT41 G.
Is a CT41G and a Company Tax Return the same?
The CT41G form lets the Inland Revenue Service (HMRC) know when it needs to send you a bill for corporation tax. And if you don’t pay up, you could end up with fines and penalties.