Create a CT600 return
After the preparation of the accounts report, our software facilitates seamless preparation of CT return, ensuring accuracy and compliance with HMRC regulations and would generate the return in the prescribed format.
Creating a new CT600 return
To create a new CT600 return, click on '+ CT600'. A side panel opens.
Choose the 'Return type', select 'New' if preparing the return for the first time, or 'Amended' if revising a previously submitted return.
Choose the mode for importing the data: By selecting Accounts production, the software will automatically fetch the latest prepared accounts report, Alternatively, you can select another report from the dropdown list provided. By selecting Manual, you can manually prepare the return. You just need to select the accounting period from the dropdown list provided.
Select the officer of the business who is going to give the declaration on the tax return.
Enter the declaration date.
Click on 'Save' to proceed.
Some frequently used options are available under quick entries, while others are available within the respective pages of the return.
Quick action tools
Trading professional profit calculator - This section will help you to adjust the trading profits of the business and also input the amount of brought forward trading losses. Also, mention the number of associated companies here.
Depending upon the adjustments and claims to be made to the trading profits, relevant fields can be edited. E.g. if you have to disallow some expenses to the trading profit, use the calculator icon located next to disallowable expenses and provide the necessary details including a selection of tags from the dropdown list provided, a description of the transaction, and specification of the amount. Click on 'Save' to confirm.
Similarly, enter information in all relevant fields to make adjustments to the trading profits.
Trading professional profit calculator
Capital allowance calculator - This is also given under trading professional profit calculator, but due to its frequent use and convenience for users, it can be accessed via quick entries. It is used to claim allowances on assets.
Click on '+Add new asset' to input asset details. Enter the asset description and choose the appropriate asset category. Depending on the asset category chosen, the software will enable the other necessary options. Here, users can select the type of allowance required and provide relevant details such as acquisition date, brought forward amount, addition cost, restriction amount, AIA allocated and disposal details as necessary.
Enter asset details Click 'Save' to confirm.
Click 'Asset Summary' to see the summary of the list of assets on which capital allowance is claimed.
Click 'Export as Excel' to download the summary in excel format.
Capital allowance calculator
Losses, deficits & excess amount calculator – This section helps in managing losses of the business including brought forward and carried forward losses, and can also be used to enter details of the income other than trading profits.
Fill in the details under respective categories such as Trading income, Loan relationships, Property income, Other income, and Management expenses.
Some fields have box references that automatically update data on the relevant pages of CT return.
Click 'Save' to proceed.
Losses, deficits & excess amount calculator
R&D or films enhanced expenditure - This section is used to make claims for research and development expenditure.
R&D or films enhanced expenditure
Select the calculator icon to enter the details pertaining to R&D expenditure.
R&D expense details Click on the '+' icon to add multiple entries of expenditure incurred, if needed.
Finally, click on 'Save' to proceed.
Adding entries to R&D expenditure
Accounts and computation included - This section would be utilised to inform HMRC if accounts and computations would not be submitted along with the tax return and the reasons for the same. Generally, accounts and computations for the corresponding period are automatically attached.
Mark the relevant boxes, provide reasons and finally click 'Save' to confirm and proceed.
Accounts and computations included
File attachment - This section would be utilised to attach any file that has to be sent along with the return.
Select the desired file type from the dropdown list provided.
Attach the appropriate file.
Enter the description for the file.
Click 'Upload' to proceed.
File attachment
CT600 computation- You can preview the computation through this section.
CT computation
Click the 'PDF icon' located at the top right corner to download the computation.
If the period exceeds 12 months, the computation will be prepared in proportionate format, i.e., for the first 12 months and the second for the remaining period.
Computation for more than one period
Accounts report:
Select 'Accounts report' to preview the accounts attached to the CT return.
Click on the 'PDF icon' located at the top right corner, to download the attached account report.
Download accounts report You have the option to detach the account report from the return by clicking on 'Detach' just below the accounts report section.
Corporation tax liability accrued with the return would be posted to the trial balance. Automatically, the same would be done on a click of 'Send Review Request' icon. You also have an option to manually update the CT600 liability to the accounts and trial balance by simply clicking on the 'Update' button under the Accounts report section.
Accounts report
CT600 form: Select CT600 form to download the form. You can view all the boxes within the return through this option.
CT600 form Submit – Once the return is prepared, it will undergo the review process. Upon client acceptance, final submissions can be made using this button. The process flow after preparation can be checked here.
Submit
Adding supplementary pages
To enable a supplementary page, please activate the corresponding box located next to the forms under the main page (page 2) of the CT return.
Supplementary pages Hope this is helpful.
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