What is Corporation Tax Self Assessment?
HM Revenue & Customs (HMRC) also uses the term ‘Corporation Tax Self Assessment’. This simply means that that it’s up to you, rather than HMRC, to work out how much Corporation Tax your company or organisation must pay for each Corporation Tax accounting period. In other words you ‘self assess’ your own Corporation Tax. You do this by filling in a tax return known as a Company Tax Return and sending it to HMRC. Corporation Tax Self Assessment for limited companies and organisations is a different tax from Self Assessment for individuals, self-employed, sole traders or partners. One common feature is that you self assess your liability for the tax.
