Limited Company corporation tax software fills in CT600 return

To complete the small business tax software automated within the DIY Accounting limited company accounts software calculates the Corporation Tax liability which is the responsibility of every limited company.

No entries required. Fully automated to produce the corporation tax liability in real time. This excel spreadsheet is available anytime during the financial year so users can view their potential income tax liability which DIY Accounting regard as an essential element of any limited company tax software. Corporation Tax payable is one of the most significant costs of any limited liability company. No accounts software UK, no small business tax software can be complete without calculating the corporation tax so directors of a Limited Liability Company know where they stand financially in real time.

Up to date with the current corporation tax rates and tax allowances the small business tax software takes the net profit direct from the profit and loss account and calculates the tax payable, produced individually for each financial year end.

Corporation Tax calculation spreadsheet automatically completed with no manual entries required. Dates and tax rates have all been entered in the structure of the package according to the company financial year end and the tax rates applicable to that financial year.

Company Name Limited	Corporation Tax Computation				Tax Calculation
Operating profit for the 12 months to 31 January 2008 before tax					0
Add back goodwill written off
Add back depreciation charged during the year
Add Depreciation and Goodwill					0
Operational profit chargeable to corporation tax					0
Deduct Capital Allowances
First Year Allowances on plant & equipment bought 01/02/07 to 31/01/08			Note1	0
Writing Down Allowance on cars bought 01/02/07 to 31/01/08 at 25%			Note2	0
Writing Down Allowance on assets purchased prior to 31/01/07 at 25%			Note3	0
Balancing charges on assets disposed of between 01/02/07 and 31/01/08			Note4	0
Deduct Capital Allowances					0

Trading and professional profit after deducting capital allowances					0
Add gross bank interest received					0
Deduct losses brought forward from previous years					0
Amount chargeable to Corporation Tax for the year to 31/01/08					0
Tax Calculation	Tax Year	Taxable	%	Corp Tax
Corporation Tax 1 February 07 - 31 March 07	2006	0	19	0.00
Corporation Tax 1 April 07 - 31 January 08	2007	0	20	0.00
Corporation Tax chargeable					0.00
Deduct Income tax deducted from gross bank interest					0.00
TAX OUTSTANDING					0.00

The corporation tax calculation is supported by comprehensive details of the first year allowances, writing down allowances and balancing charges. All allowances calculated automatically and automatically entered in this supporting schedule to the corporation tax calculation.

	CAPITAL ALLOWANCES DEDUCTED	Capital Expenditure	First Year Allowances
Note 1	FIRST YEAR ALLOWANCES	Capital Expenditure	First Year Allowances
	Expenditure on plant & machinery between 01/02/07 and 31/01/08

	Expenditure on fixtures & fittings between 01/02/07 and 31/01/08

	Expenditure on Computer Equipment between 01/02/07 and 31/01/08

	Expenditure on Vans & Lorries between 01/02/07 and 31/01/08

	Total Capital Expenditure between 01/02/07 and 31/01/08	0	0	0
		Capital Expenditure	Writing Down allowances
	WRITING DOWN ALLOWANCES	Capital Expenditure	Writing Down allowances
Note 2	Expenditure on Cars between 01/02/07 and 31/01/08
	Writing Down Allowance on Cars bought 01/02/07 to 31/01/08 at 25% restricted to £3,000			0
Note 3	Writing Down Allowance on Assets purchased prior to 31/01/07 at 25%
	Plant & Machinery purchased prior to 31/01/07
	Fixtures & Fittings purchased prior to 31/01/07
	Computer Equipment purchased prior to 31/01/07
	Motor Vehicles purchased prior to 31/01/07
	Writing Down Allowance on Assets purchased prior to 31/01/07 at 25%			0
Note 4	Balancing charges on assets disposed of between 01/02/07 and 31/01/08			0
	TOTAL CAPITAL ALLOWANCES DEDUCTED FROM OPERATING PROFIT			0

Submitting the accounts to HM revenue & customs requires a copy of the annual financial accounts which the package produces automatically from the basic data entry, plus the corporation tax calculation as above which is automated and finally must also include the CT600 Company Short Tax return form.

The limited company accounts package produces an excel copy of the CT600 short tax return. All entries being automated collected from the tax calculation and general company details. The format of this excel copy has been designed to look and feel exactly the same as the official HM Revenue & Customs form to enable it to be printed and the numbers all being calculated accurately in the correct boxes to enable them to be copied straight into the official CT600 short tax return.

Small limited companies can and almost invariably do claim audit exemption but still require several hours study to produce the tax calculation and in particular the CT600 short tax return. The alternative is to pay your accountant a substantial accounting fee to prepare the tax return.

"Limited company tax preparation software calculates corporation tax liability and fills in CT600 tax return"

Copyright © 2006 2009 DIY Accounting Limited Last modified: 03/17/09

Copyright © 2006 2009 DIY Accounting Limited
Last modified: 03/17/09