Help with Corp Tax return deadline

[Evgen]

Could someone advise me about corporation tax return schedule?
The company’s registration date - 13 of January.
Tax year (in accord with Revenue letter): from 14.01.2006 till 13.01.2007.
I have to pay preliminary tax before 13.12.2006
And I have to submit of the CT return not late than 13.10.2007 Right?
Thanks a lot.

 

[ubiquitous]

You really need specific professional advice on your company's accounts and corporation tax position, unless you have a comprehensive knowledge of these issues. Otherwise you run the risk of making basic mistakes. Selecting a mid-month date, for example, as your accounts year-end date does not sound like a good idea.

 

[Evgen]

I think you are right. I feel I have already got a problem – My accounting periods for tax purpose (mid-month according to Revenue records) and for annual return (year-end date) are not the same.
What do you think how I could correct it? Should I inform Revenue or should I ask their advice?

 

[hhhhhhhhhh]

My accounting periods for tax purpose (mid-month according to Revenue records)

Your accounting year is 14.01.2006 till 13.01.2007.
You inform revenue about this date, its not something they make up and give to you.
You obviously told revenue this would be your accounting period.

and for annual return (year-end date) are not the same.

What annual return are you talking about?

 

[Evgen]

Your accounting year is 14.01.2006 till 13.01.2007.
You inform revenue about this date, its not something they make up and give to you.
You obviously told revenue this would be your accounting period.

Probably I told them about these dates, unfortunately I do not remember. But I don’t like to use this period and would like to change it as calendar year. Is it possible?

What annual return are you talking about?

I mean annual return which I usually prepare for CRO (B1 form + balance sheet).

 

[Newby]

You make up the date of your accounts - not Revenue. If you want to prepare a 11.5 month set of accounts (14.01.2006 - 31.12.2006) that is your perogative and feel free to do so.

Revenue simply assumed that your year end is 12 months after you registered for tax. A phone call and letter stating your acounting period will change the dates.

With regard to the preparing of returns based on the accounts prepared, the requriement to file returns (as in figure out when they are due) is reasoably straight forward once the first year is sorted out. You should seek advice (an accountant with tax experience preferrably) for the first year on the date your tax returns are due.

Finally you should seek assistance in completing your return (be it prepared by a tax advisor or reviewed by a tax advisor) each year.

 

[Evgen]

Thanks to all for your kind answers. I think I have got what I want. And I will follow your advice to seek an appropriate accountant of course.