Corporate Tax Consultant NEIL LONDRAGAN explains the forthcoming changes to the submission of Company Tax returns and Corporation Tax payments…
From 1 April 2011, companies and organisations will have to submit their Company Tax returns online and pay all Corporation Tax and related payments electronically. These changes will affect limited companies, as well as other organisations that pay corporation tax, including clubs, societies, associations, cooperatives, charities and other incorporated bodies.
The easiest and most convenient method of doing this is online. You can register and enrol to submit your returns online and start to pay electronically now.
Corporation tax can be paid by internet, telephone banking or BACS Direct Credit (this is available to businesses that are authorised by their bank to submit files direct to BACS). In order to make the payment you will need HMRC’s bank account details (these can be found at the end of this article) and your Corporation Tax reference number.
Corporation Tax Reference Number
This is shown on the bottom line of your payslip on the left hand side and is made up of 17 characters. Your reference is specific to the accounting period you are paying so please quote it exactly. If an incorrect reference number is provided there may be a delay before your account is credited. If you are unsure of your specific reference number for the accounting period you should contact HMRC on 01236 785057. You will also need to provide HMRC with your ten-digit Unique Taxpayer Reference (UTR).
If you pay by any of these methods, your bank will transfer your money electronically to HMRC’s bank account. Payments usually take three bank working days to reach HMRC’s account, however some banks and building societies can take longer so you should check first.
Some companies may be required to still pay by cheque due to internal operational requirements or by any other legislation, please do so using a Bank Giro at a participating bank or building society or pay at the Post Office.
Accounts Office:
Cumbernauld
Sort Code:
083210
Account number:
12001039
Account name:
HMRC Cumbernauld
Address of the bank to which payment is being made:
Citi
Citigroup Centre
Canada Square
Canary Wharf
London
E14 5LB
For further information or advice, contact NEIL LONDRAGAN on 0161 703 2500 or e-mail neil.londragan@championgroup.co.uk
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