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Offers chest of drawers with a product or service that delivers double beds and leather suites. Who can use the schemes? If you're a retailer you can use these schemes to arrive at the value of your taxable retail sales and determine the proportions that are taxable at the different rates of VAT. Each scheme has a turnover limit. Find out about retail schemes at the HM Revenue & Customs (HMRC) website. Use our interactive tool to work out which VAT retail scheme is right for your business. How to apply for the schemes You don't need to apply to use a retail scheme, but you should start to use one at the beginning of a tax period. You'll be able to obtain specialist advice from the HMRC National Advice Service Enquiry Line on Tel 0845 010 9000, or from your accountant. Retail schemes can be used together with the annual accounting scheme. There is also a retail version of the flat rate scheme. ________________________________________ Account for VAT on the margin of second-hand goods, works of art, antiques and collectors' items If you sell second-hand goods, works of art, antiques or collectors' items you can account for VAT on the difference between the purchase price and the selling price, rather than the full value of the sale. The main benefit of the scheme is that when you account for VAT you only do so on the margin, ie the difference between the purchase and selling price. If you buy most of your stock from members of the public or from other dealers who are selling under the margin scheme, you will have no VAT to recover. Find out about margin schemes for second-hand goods, works of art, antiques and collectors' items at the HM Revenue & Customs (HMRC) website. Who can use the scheme? The scheme is optional and may be used by those who deal in second-hand goods, works of art, antiques or collectors' items. You will be able to obtain specialist advice from the HMRC National Advice Service Enquiry Line on Tel 0845 010 9000, or from your accountant. How do you apply to use the scheme? You don't need to apply to use the margin scheme. You can find more information about the scheme in Notice 718. Read information on the margin scheme at the HMRC website. The margin scheme cannot be used together with the flat rate scheme. Income, Corporation and other business taxes Corporation tax: the basics What corporation tax is, who needs to know about it and where to go to get things done Capital allowances: the basics Which purchases or investments you can claim capital allowances for, and how to make the claim Income tax self assessment: the basics The basics of the income tax self-assessment system for people who are self-employed, company directors or partners in a partnership Income tax self assessment for self-employed people Work out whether you're self-employed, what income tax and National Insurance you should be paying and how to pay it Complete your Company Tax Return Step-by-step guide: how to submit the return and pay corporation tax Individuals, companies and IR35 A comprehensive explanation of the rules for the Intermediaries Legislation (commonly known as IR35) with guidance on how it could affect you as an employee First-year allowances What first-year allowances are the percentage of each allowance and how to make a claim Business expenses and dispensations How business expenses should be treated when you complete your tax returns Company cars, vans and fuel Understand the tax implications of company car benefits and how to make calculations Business rates The ins and outs of national non-domestic rates (local authority business rates), and what relief you might claim Environmental tax obligations and breaks Information on aggregates levy, the climate change levy, landfill tax and land remediation relief Avoid common corporation tax mistakes Mistakes that most often lead to the company being asked to amend information, and how to avoid them Business start-up organiser Compile a personalised list of starting-up tasks and access resources to help you complete each one Corporation tax: what you need to do If your company is liable to pay corporation tax on your profits, there are several things you must do: " Tell HM Revenue & Customs (HMRC) that your company exists and that it is liable for tax. To do this you can download form CT41G from the HMRC website (PDF) or contact your local HMRC office. Find your local office on the HMRC website. " File a self-assessment Company Tax Return for your company, on which you calculate your own corporation tax liability and pay it without prior assessment by HMRC. " Keep records of all company expenditure and income in order to work out your tax liability accurately. If you don't let HMRC know that you are liable for corporation tax, file your Company Tax Return incorrectly, or pay your corporation tax late, you may incur a financial penalty. To avoid penalties and interest charges you should know your: " statutory filing date - the date by which your company tax return must be received by HMRC " normal due date - the date by which you must pay your corporation tax ________________________________________ Calculating corporation tax If your company is liable for corporation tax, you must work out how much is owed and supply that information to HM Revenue & Customs (HMRC) on a self-assessment Company Tax Return form (CT600). In order to calculate how much is owed, you need to know how much taxable profit you made in the accounting period covered by your Company Tax Return. See our guide on how to complete your Company Tax Return which explains accounting periods in more detail. Read the guide to corporation tax self assessment on the HMRC website. Chargeable gains Chargeable gains are the profit you make when you sell or otherwise dispose of any asset owned and used by the business, not being items which are bought and sold as part of the normal trade. Companies are not generally liable to capital gains tax. Instead they are liable to corporation tax on their net chargeable gains. Capital allowances When calculating the profit chargeable to corporation tax you can claim capital allowances for certain items of equipment and apparatus purchased for use in the business. To find out more, see our guide on capital allowances: the basics. There are two rates of corporation tax. They are: " the small companies' rate " the main rate Corporation tax rates 2006/07 Corporation tax rate Level of profit on which rate is charged 2006/07 rates and allowances Small companies' rate On profits of £0-£300,000 19 per cent Main rate On profits of £1.5 million and above 30 per cent For companies that have profits that fall between £300,001 and £1.5 million, marginal relief is available to ease the transition from one rate to the next. Marginal relief is also explained in our guide on corporation tax rates and types of allowance. The 0 per cent starting rate was abolished from 6 April 2006 and was replaced with the single small companies' rate of 19 per cent. Use the Marginal Relief Rate Calculator on the HMRC website. ________________________________________ Keeping records for corporation tax To calculate your liability for corporation tax, you are legally obliged to keep "sufficient" records of your outgoings and income to make a complete and correct Company Tax Return. Sufficient records include: " details of all receipts and expenses incurred in the course of your company's activities " details of all sales and purchases made in the course of trade, if your company has a trade that involves dealing in goods " all other supporting documents The precise records your company needs to keep will depend on the type and size of your business, but the records must be adequate to enable you to send in a correct Company Tax Return. For tax purposes, HM Revenue & Customs (HMRC) requires any organisation treated as a company to keep its records for at least six years from the end of your accounting period. In certain circumstances, such as a late tax return or an HMRC enquiry, your company may need to keep records longer than the six-year period. If your company does not keep records, HMRC can charge a penalty of up to £3,000. See our guide on how to set up a basic record keeping system. For more information on keeping records read the guide to corporation tax self assessment at the HMRC website. ________________________________________ Corporation tax: deadlines and penalties Your company is responsible for calculating how much corporation tax it owes and for paying corporation tax on time. Failure to do so can incur a financial penalty. A company can send in its Company Tax Return at any time after the end of its accounting period but must do so no later than the statutory filing date. This is the later of: " 12 months after the end of your company's accounting period " three months after your company receives a "notice to deliver a Company Tax Return form CT600" from HM Revenue & Customs (HMRC) If your company fails to send its Company Tax Return on time, it will be charged penalties, depending on how late it is. If the return is regularly late, the penalties increase. HMRC may also charge a tax-related penalty if the tax return is incorrect or if your company fails to tell HMRC of its liability for corporation tax. Read about penalty charges for late submission of Company Tax Returns on the HMRC website. Payment of the corporation tax itself is due exactly nine months and one day after what is called your normal due date. For most companies, the normal due date is the last day of the accounting period. So if a company's tax return covers the accounting period 1 January 2004 to 31 December 2004, then the corporation tax should be paid no later than 1 October 2005. If corporation tax is paid late, interest will be charged and a penalty for late payment may be charged. Read about rates of interest chargeable for late payment of corporation tax on the HMRC website. You can get regular reminders of important tax dates with our Tax deadline email alerts. Capital allowances: the basics As a business you can claim tax allowances, called capital allowances, on certain purchases or investments. This means you can deduct a proportion of these costs from your taxable profits and reduce your tax bill. Capital allowances are available on plant and machinery, buildings - including converting space above commercial premises to flats for renting - and research and development. The amount of the allowance depends on what you're claiming for. In some cases, the rates are different in the year you make the purchase and subsequent years. This guide will tell you what purchases or investments qualify for a capital allowance, how much you can claim and the simplest way to make your claim. ________________________________________ Capital allowance on plant and machinery You can claim capital allowances on: " the cost of vans and cars, machines, scaffolding, ladders, tools, equipment, furniture, computers and similar items you use in your business " expenditure on plant and machinery " items you used privately before using them in your business You cannot claim for things you buy or sell as your trade - these are claimed as business expenses. If you buy on hire purchase, you can claim a capital allowance on the original cost of the item but the interest and other charges count as business expenses. Use our interactive tool to find out what capital and incentive allowances your business could claim. How much you can claim If you're buying equipment, 25 per cent is the standard allowance for businesses each year. Small and medium-sized businesses can generally claim 40 per cent of the expenditure in the first year. Small businesses are eligible for a first-year allowance of 50 per cent for expenditure incurred in the years ending: " 31 March 2005 and 31 March 2007 - if subject to corporation tax " 5 April 2005 and 5 April 2007 - if subject to income tax In some cases you can claim 100 per cent in the year you make the purchase. See our guide on first-year allowances to see what purchases qualify. Note that "a year" refers to a tax year, not a calendar year. ________________________________________ Capital allowance on buildings You can claim capital allowances on the cost of: " constructing industrial or agricultural buildings, commercial buildings in enterprise zones, and certain types of hotel " buying or constructing a building to use for a qualifying trade such as manufacturing or processing " renovating or converting space above shops and other commercial premises to provide flats for rent - for example, money spent on building dividing walls or fitting a new kitchen You cannot claim capital allowances on the cost of: " houses, showrooms, offices and shops " the land itself, such as buying the freehold of a property or acquiring a lease " extensions, unless it provides access to qualifying flats " developing adjacent land " furnishing qualifying flats How much you can claim The allowance for buying industrial and agricultural buildings is 4 per cent, in both the first and subsequent years. You can usually claim 100 per cent of the cost of converting underused or vacant space above commercial property into flats. You can read a guide on flat-conversion allowances at the HM Revenue & Customs (HMRC) website. You can claim 100 per cent of the construction cost of commercial and industrial buildings, including offices, in enterprise zones. If you buy a used building in an enterprise zone within two years of its first use, you can claim 100 per cent of the cost or 25 per cent a year of the cost. Read about allowances for commercial buildings in enterprise zones at the HMRC website. ________________________________________ Research and development capital allowances You can claim capital allowances on certain types of research and development (R&D). As a general rule, an activity qualifies as research and development if: " it involves innovation and creativity in science and technology " the research is relevant to your business " you are classed as a trader and not working in a profession or vocation How much you can claim Small and medium-sized companies can claim enhanced relief of 100 per cent on research and development. This means you can deduct £100 from your profit and loss account for every £100 you spend on qualifying research. Read about R&D tax relief and tax credits for small and medium-sized companies on the HM Revenue & Customs (HMRC) website. Extra relief is also available for certain revenue expenditure. See our guide on tax reliefs and allowances for research and development. ________________________________________ Work out your capital allowance claim When you claim a first-year allowance, the remaining amount is carried over to the following year. For example: Cost Machinery £8,000 First-year allowance claimed at 40 per cent (50 per cent if you are a small business) £3,200 Balance carried forward to next year - known as Written Down Value (WDV) £4,800 You then add the balance - the WDV - to the total WDV of other expenditure (this excludes cars) after the allowance is calculated for the first year. Therefore, if the WDV of other expenditure is £14,000, there is a total of £18,800 (4,800 + 14,000) on which you can calculate the capital allowances in the following year. Claiming for subsequent years Capital allowances on plant, machinery and research are calculated on a reducing balance basis: " You can claim a 40, 50 or 100 per cent allowance in the year you make your purchase, depending on what it is and what size business you have. The balance is added to the value of other expenditure in the "pool", after capital allowances have been calculated - see our guide on first-year allowances. " The following year you can claim 25 per cent of the reduced balance - the WDV - of the pool, and the same again in following years. Capital allowances on buildings are calculated on a straight-line basis. This means you can claim 4 per cent of the initial investment every year. For example, if you spend £100,000 on constructing an industrial property, you can claim £4,000 a year. Balancing charges If you sell an item, give it away or stop using it in your business, you may need to add a balancing charge onto your profit before you calculate your tax. ________________________________________ Claiming capital allowances Use your income or corporation tax return to claim for capital allowances. When making the claim: " You must make a separate claim for each accounting period of your business. If this is longer than 18 months, you'll need to split it into shorter periods and make separate claims for each. The first 12 months is one period, and each subsequent 12 months, or less than 12 months, is another period. " You can make a capital allowance claim any time up to the normal time limit for making or amending your tax return (income tax) or 12 months after the filing date for your Company Tax Return. This will be extended if there is an enquiry into the return. " There is no obligation to claim for the full amount of an allowance. If you claim only part, eg 10 per cent instead of the 25 per cent you are entitled to, then the pool balance carried forward will be higher so claims for later years will be higher. " If your business is a partnership, you need to claim your capital allowances collectively, not as individual partners. " If you're registered for VAT, you only claim capital allowances on the net cost of the asset. If you're not registered for VAT, you claim capital allowances on the total cost including VAT. If you need help making your claim, contact your tax adviser or call the HM Revenue & Customs (HMRC) Self Assessment Helpline on Tel 0845 9000 444. They can help you apply for allowances on buildings, on converting commercial property into flats, or on research and development. ________________________________________ Special cases - capital allowance You can claim capital allowances for assets you own and lease to other users. Some of these rules cover items you use privately as well as for business. Expensive cars For cars costing more than £12,000, you can claim a maximum of £3,000 a year per car. If the car has low CO2 emissions there is no restriction if you use the car partly for private use and partly for business use. However, only the business proportion of the allowance can be claimed. For example, you buy a car for £15,000 and drive it 12,000 miles, of which 8,000 miles is private use. Based on the cost of the car, you're eligible for the maximum allowance of £3,000, but as your mileage was only one-third for business, you can only claim £1,000, one third of the allowance. You should make a separate calculation for each car and not "pool" them with your other purchases. Use our interactive tool to find out what capital and incentive allowances on low emission cars your business could claim. Plant and machinery used only partly for business You should make a separate calculation for plant and machinery and work out the capital allowance based on the proportion you use them for business. This includes cars costing less than £12,000. Use our interactive tool to find out what capital and incentive allowances on plant and machinery your business could claim. Short-life assets There are special rules if you intend to keep equipment for a short time or you think it will wear out quickly. If this is less than five years, you can choose to calculate the allowances separately from your pool. Long-life assets This is an asset you expect to use for more than 25 years. The allowance is 6 per cent and you should make a separate pool of these assets. Assets leased out You can claim for assets you own or lease to other users. You do this in the same way as for assets you use in your business, except the first-year allowance is not available. If you need any help making your claim, contact your tax adviser or call the HM Revenue & Customs (HMRC) Self Assessment Helpline on Tel 0845 9000 444. ________________________________________ Here's how I made the most of tax allowances and credits available for R&D Joe Byrne Keronite Ltd Joe's top tips: " "Know the tax law in as much detail as the HM Revenue & Customs experts." " "Put systems in place to identify R&D expenditure." " "Err on the side of caution in grey areas." ________________________________________ Joe Byrne is financial controller of Keronite Limited, a company formed in 2000 to exploit a new technology for treating metal surfaces. He claims R&D tax relief and allowances for Keronite - benefits which allow the company to weather start-up losses and continue to invest in essential research. What I did Claim tax credits under the SME scheme "A large percentage of our workforce does pure research so their employment counts as qualifying expenditure for R&D tax relief. We claim for their salaries, National Insurance and all the other associated costs of their employment. "We claim R&D tax relief for the full cost of all the consumables we use in the research process too - chemicals, beakers, that sort of thing. It's not big expenditure but it amounts to several thousand pounds a year. "Under the tax credits scheme for SMEs our tax relief is increased from 100 per cent to 150 per cent. And because we made losses we can claim a cash repayment from HM Revenue & Customs of 16 per cent of that figure. It's a significant sum. "We also subcontract research to the University of Sheffield and The Welding Institute and I can add 65 per cent of our expenditure on this to our R&D tax relief claim." Claim R&D tax allowance for the capital costs of our research "So far we've spent £5 million developing our product with a good proportion of that spent on machinery and equipment for chemical processes. It also includes hundreds of thousands spent on plant installation to show the automotive majors that we can actually do what we say we can do. We can claim this capital expenditure as R&D tax allowance. "Keronite now makes tax losses and the R&D allowance increases these. But we can carry these losses forward to set against our profits in the future when it will lower our corporation tax bill." Set out initial claims in great detail "The first time we did a tax credits claim under the SME scheme we fully explained the nature of our business to HM Revenue & Customs and stated clearly why we thought we qualified, citing all the relevant clauses of the relevant statutes. Essentially, we tried to make HM Revenue & Customs' job as easy as possible. "We then presented it on the normal corporation tax return through our tax adviser." What I'd do differently Apply for tax credits earlier than I did "I waited six months after joining Keronite before I applied for tax credits and I should have done it earlier. I wasn't completely sure we could apply. It was one of our shareholders who mentioned them so I thought I better take a look into it. Receiving the tax credits back in cash makes it less likely we have to go to our shareholders for more funding." Download this case study and 20 like it in our free book, "Here's how I run my business" (PDF) Income tax self assessment: the basics Self assessment is a system for working out and paying tax. You must complete a tax return every year if you: " are self-employed, either as a sole trader or in a partnership " are a company director " are earning enough to pay higher-rate tax " have complicated tax affairs (for example, if you earn income abroad) " have made significant capital gains (for example, from selling shares) " are asked to by HM Revenue & Customs (HMRC) Self assessment tax returns are issued in April each year and cover the year from the previous 6 April to 5 April. For example, the 2005-06 tax year covers the period from 6 April 2005 to 5 April 2006. This guide explains the basics of the self assessment system for people who are self-employed, company directors or partners in a partnership. ________________________________________ The forms you need Normally, HM Revenue & Customs (HMRC) will send you a tax return form automatically if you have to complete one. Even if they don't, it's your responsibility to ask for one if you need it. You may have to pay a financial penalty if you miss the deadline for sending in your return and for paying any tax you owe. The core tax return Every self assessment return includes the core tax return (SA100) - you can download form SA100 from the HMRC website (PDF). This is where you give details of any income from savings, investments and pensions. It also allows you to claim any tax reliefs - for example, for pension contributions - and tax allowances, such as the personal allowances. Additional pages Most people have to complete one or more sets of additional pages. The most common are: " Employment (SA101) - if you are an employee or company director " Self-employment (SA103) - if you are a sole trader " Partnership (SA104) - if you are self-employed in a partnership If you have more than one business in which you are self-employed, or a director/employee, you will have to complete separate pages for each. You may have to complete other pages if you have complicated tax affairs, for example, if you earn income abroad, from letting property, capital gains or trust income. The core tax return includes a list of all the additional pages and explains who needs to complete them. You can order the forms you need from the HM Revenue & Customs Self Assessment Orderline on Tel 0845 9000 404. Find self assessment forms and guidance on the HMRC website. You can also complete and file your return online. Read about and enrol for Self Assessment Online. Use our interactive tool to find out about the main online transactions you can make with government. ________________________________________ When to send the forms back If you need one, you'll normally be sent a self assessment return soon after the end of the tax year. The tax year ends on 5 April every year. If you aren't sent a return automatically, contact the HM Revenue & Customs Self Assessment Orderline on Tel 0845 9000 404 or find self assessment forms and guidance on the HMRC website. You can complete and file your tax return online or on paper. Read about and enrol for Self Assessment Online. If you fill in your return on paper and you want HMRC to work out how much tax you owe, you need to send it back to HMRC by 30 September. If you send it back later than this, you'll have to do your own calculations. If you choose to complete and file your return online, the system will work out and immediately show you how much tax you owe or are owed Offers chest of drawers with a product or service that delivers double beds and leather suites.

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This is simply amazing. Offers chest of drawers with a product or service that delivers double beds and leather suites. Many companies use an accountant or agent to help complete their company tax return. You can also authorise your accountant or agent to register for CT Online services, deliver your company tax return online and use the service to check payments and liabilities. If you prefer to submit paper return forms, many agents use approved software substitute forms with packages that help with the calculations. If you do not want to use those, you can get official paper form CT600 from the HM Revenue & Customs Corporation Tax Self Assessment Orderline on Tel 0845 300 6555. Even if you do use an accountant, it's still worth reading this guide to find out about the CT600 and what the company tax return needs to contain. Ultimately, the declaration made that the information on the return is true and accurate is the company's responsibility and the company is liable for any penalties for an incorrect return. ________________________________________ Filling in your company information Your Company Tax Return form (CT600) must include your: • Company name. • Company registration number - all limited companies are registered at Companies House and given a unique registration number. Find out about registration numbers on the Companies House website. • Tax reference number - this is shown on the Notice to deliver a company tax return. • Registered address if it is different to the one shown on the Notice form CT603, and you have not already informed HM Revenue & Customs (HMRC). It should be your company's registered office address, or your treasurer's address if you are not registered. ________________________________________ How do I set my accounting period? You need to enter the period covered by the return in the "about this return" section on page one of form CT600. This means the dates of your tax accounting period. An accounting period for tax purposes is the period for which corporation tax liability must be calculated. An accounting period can never be longer than 12 months but it can be less. A tax accounting period is normally the same period for which your company's accounts are drawn up and the dates for that are chosen by the company. However, an accounting period for tax purposes starts either when your company first comes within the charge to corporation tax, or immediately after the end of the previous accounting period. An accounting period for tax purposes ends when the earliest of the following takes place: • the company reaches its accounting date - also known as the reporting year end • it is 12 months since the start of the accounting period • the company starts or stops trading • the company is no longer liable for corporation tax, eg it winds up its business and sells all income-producing assets • the company goes into liquidation, in which case its accounting periods will then run for 12-month periods until winding-up is completed • the company goes into administration • the company comes out of administration • the company starts or stops being resident in the UK You can get regular reminders of important tax dates with our Tax deadline email alerts. ________________________________________ The summary of return information The "about this return" section on your Company Tax Return form (CT600) is where you show: • possible tax repayments due • if you are making more than one return for the same company at the same time • if you have had to use estimated return fiyures • if you have used any disclosable tax avoidance schemes • if you are claiming a transfer pricing adjustment • if you qualify for the small or medium-sized company exemption from transfer pricing adjustments You need to include: • accounts and computations • any supplementary pages, including loans to participators by close companies If you are at all unsure of the information you should include, talk to your tax expert or accountant. The main entries you might need are explained below. Other entries, such as "more than one return", are self-explanatory but for the more technical entries, such as those about transfer pricing or disclosable avoidance schemes, you will need tax advice from your accountant or agent. To find out about what you must include, see the page in this guide on attaching accounts, computations and supplementary pages. Repayment Complete either or both of these boxes if you calculate that there is a repayment of tax or interest due for the accounting period covered by the return or for an earlier accounting period as a result of events in this one, for example a claim to carry back trading losses. Estimated figures If a tax return is likely to be late because you are waiting to receive some figures, you should include the best estimate based on all the information which is available and still send the return on time. Reasons for making estimated entries include: • entries based on valuations that use estimated figures • entries that contain estimates because you do not have adequate records, or are waiting for information from a third party You must say why you have had to use an estimated figure and if and when you expect to finalise the figure. ________________________________________ Attaching accounts, computations and supplementary pages You must attach accounts and computations for the accounting period covered by your Company Tax Return form (CT600). If your company was set up under the Companies Act then you are obliged to keep and preserve certain records. Most companies that meet those obligations will not need to keep any extra records for tax purposes. You must attach the full amounts drawn up for members under the Companies Act, not the optional abbreviated accounts that a small or medium sized company is allowed to file with Companies House. If there are no accounts, you must explain why. To find out the basic rules for records, see our guide on how to set up a basic record keeping system. Supplementary pages Depending on your company's activities, you may need to complete and return one or more of the following supplementary pages with your Company Tax Return (form CT600): • Loans to participators by close companies (form CT600A) • Controlled foreign companies (form CT600B) • Group and consortium (form CT600C) • Insurance (form CT600D) • Charities and community amateur sports clubs (form CT600E) • Tonnage tax (form CT600F) • Corporate venturing scheme (form CT600G) • Cross-border royalties (for CT600H) • Supplementary charge in respect of ring fence trades (form CT600I) • Disclosure of tax avoidance schemes (form CT600J) Information on pages four and five of the Company Tax Return form guide (CT600 Guide) should help you decide which pages you need. You will not need any paper forms if you choose to use Corporation Tax Online to file your return electronically. Read about and enrol for Corporation Tax Online. Offers chest of drawers with a product or service that delivers double beds and leather suites. You will want to find out more information.