COM33020 - Background: typical case examples: new company - Section 55 Finance Act 2004 information not provided
A new company is incorporated, but does not comply with the normal requirement to provide necessary information. 皇冠体育app example covers live Accounting Periods (APs), dormant periods and the use of appropriate COTAX update functions.
皇冠体育app 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 B Ltd formed and registered with Companies House. |
2 Automatic Event |
COTAX record for Co B Ltd set up automatically from information provided by the data feed from Companies House. |
3 Automatic Event |
COTAX听Assigns UTR number,听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,听Issues form CT41G to explain what information the new company must supply. |
4 Business Event |
Company does not supply the information required by S55 FA 2004 and despite enquiries no further information is received. |
| Approximately 1 month after the first recorded AP ends | 听 |
| 5 Automatic Event | COTAX issues a notice to deliver with payslip,听Calculates the filing date,听Records the specified period and the issue of the notice to deliver,听Creates the next AP on the COTAX record |
| Some time later | 听 |
| 6 Business Event | Co B Ltd sends a Nil return for the first 10 months from incorporation saying the company was dormant from incorporation, commenced in business from month 11 and will make up regular annual accounts. |
| 7 (Automatic Event) | COTAX captures the return details automatically and records the self assessment. Plaese note that听strictly there is no self assessment as the period covered by the return is not an AP, but in practice COTAX records a Nil self assessment in cases in which the return is delivered by the filing date. |
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