COM33010 - Background: typical case examples: new company - Section 55 Finance Act 2004 information provided
A new company is incorporated and complies with the normal requirement to provide necessary information. »Ê¹ÚÌåÓýapp example covers live APs, dormant periods and the use of appropriate COTAX update functions.
»Ê¹ÚÌåÓýapp events are numbered in date order, and identified as follows:
- business Event - Action taken or arising outside HMRC
- automatic Event - Automatic COTAX action within HMRC
- procedural Action - Action taken by an operator
Order & Type of Event |
Action(s) Taken |
|---|---|
1 Business Event |
Co A Ltd formed and registered with Companies House. |
2 Automatic Event |
COTAX record for Co A Ltd set up automatically from information provided by the data feed from Companies House. |
3 Automatic Event |
COTAX assigns a UTR number, creates the first AP from the date of incorporation for 12 months and a second from the day after the end of the first period to the Accounting Reference Date and issues form CT41G to explain the information that the new company must supply. |
4 Business Event |
Co A Ltd advises the responsible office that it is dormant with no immediate plans to trade. |
5 Procedural Action |
Clerical staff uses function MAPD (Maintain AP Dates) to set a dormancy period of 5 years. |
6 Automatic Event |
COTAX suspends issue of Notice to Deliver (CT603) as the company is dormant. |
| Some time later | Ìý |
| 7 Business Event | Co A Ltd notifies HMRC that the business has started and it provides its first intended accounting date. |
| 8 Procedural Action | Clerical staff use function ACTP (Amend CT Payer Details) to enter date business commenced and accounts made up date.Ìý |
| 9 Procedural Action | Clerical staffÌýuses function MAPD to amend AP record to show the revised period of dormancy and corrects the APs within the charge to CT. |
| Approximately one month after the end of the AP | Ìý |
| 10 Automatic Event | COTAX issues a notice to deliver (CT603), calculates the filing date, records the specified period and the issue of the notice to deliver and creates the next AP on the COTAX record. |
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