Under CTSA (accounting periods ending on or after 1 July 1999)
companies must include an SA of the amount of tax payable in their
company tax return.
Note: Unlike IT SA there is no facility for a Revenue calculation of the tax payable. Every company must include its own calculation with the return, no matter how early they deliver it.
For this purpose you regard a company tax return received as a return for an accounting period, if:
FA98/SCH18/PARA8 sets out, in a number of steps, how a company
should calculate its SA of tax payable. Unless otherwise provided,
any reference in Schedule 18 to the amount of tax payable by a
company for an accounting period refers to the amount shown as
payable in the company's SA.
Tax payable for an accounting period is calculated as follows:
Calculate the CT chargeable.
Give effect to any reliefs or set-offs available against CT.
Deduct any amounts to be set off against the company's overall tax liability:
It must make the SA on the basis of the information in the
return and after taking into account any reliefs or allowances.
Note that any tax deducted under the construction industry scheme (CIS) regulations is not included in the above calculation. For deductions suffered before 6 April 2002 CIS tax is available for set-off against the tax payable and is reported in the tax reconciliation section of the CT600.