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Contents Of A Company Tax Return

A company’s tax return has a simple format. The exact format varies from place to place. Some places have very simple requirements while others have much more complicated requirements. The exact contents vary from place to place. Some places have a single column in the tax return while other may have as many as five to ten sections. Some company tax returns can be filled by any person while others need the assistance of an expert. There are guides available online that teach you to fill a tax return online. It takes about five to ten days to learn how to do so. A person with a background in tax and finance usually takes a lot less time to learn the process. 

The first part of the tax return has the company’s name on it. The company’s name should be mentioned in full. The name should be the registered name of the company with the proper suffix to show the incorporation status. The trade name of the company might be different from the proper name of the company in which case the proper registered name will be used. The name can not be shortened and must be written in full. An additional form can be taken where the name is too long and can not be written on a single form. Most company’s have their return filed on a single page. Some might require two to three pages. The exact size of the return depends on the size of the company’s operations. Smaller companies require fewer pages to submit a tax return. Larger companies might require as many as five to six pages to fill out their relevant details.

If a company has more than one kind of operations, each operation should be detailed in a separate tax return. This is often the case with conglomerates that have many holdings with each company working in a different sector. In this case each holding company will submit it’s own separate return which will be treated as an independent business from a tax point of view. This is done so that the process of filling a return will be simplified. A return that accommodates more than one company can’t be messy and there is more of a chance for mistakes. This is also done to make the return filing process smoother.

A company tax return usually has a deadline. In most cases, this deadline is from five to six weeks after the close of the financial year. In some cases the deadline light be extended to facilitate people. If the return isn’t submitted within the deadline, a fine might be payable. The fine depends on the size of the company and the period of dealt. The more the delay, the larger the fine.


Categorised as: Financial Services


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