The same additional box appears on CT600, as well as a new box on page 3 of the 8-page form, allowing a company with ring fence profits to include ring fence profits in its total profit figure. Other types in the CT600 series are unaffected at this time, and all CT600 Supplementary Pages released in 2006 are still valid and will most likely be until after the 2008 Chancellor’s Budget.Do you want to learn more? Visit https://chiefexecutive.net/safety-first-6-ways-build-culture-accident-prevention/
Although the main rate of Corporation Tax was maintained at 30% in 2006 and 2007, it will be reduced to 28% in 2008. The small business corporation tax rate, which applies to businesses with annual income of less than £300,000, was raised from 19 percent in 2006 to 20 percent on profits received after April 1, 2007, which is due to rise to 21 percent on April 1, 2008, and 22 percent on April 1, 2009, as reported in the March 2007 Budget. Corporation tax rates on ring-fenced profits from oil exploration operations or oil rights in the UK and UK Continental Shelf remain at 19% for small businesses and 30% for larger businesses. Late payments are subject to interest, which is paid at a lower rate on Corporation Tax instalment repayments, as is the case for all late tax payments.
In recent years, the effective date for increases in the Corporation Tax rate has been 1 April per year, rather than 5 April for unincorporated enterprises. Separate figures are required for the period before and after 1 April for companies with accounting periods that straddle the 1 April, depending on the number of days of each accounting period. As a percentage of 365, (366 in leap years such as 2008) Companies must notify HMCE by sending a company tax return, informing them by completing the HMCE form for this reason, or returning the payment slip marked “NIL due” at the very least.