How to pay corporation tax earlier?

How to pay corporation tax earlier?

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Hi, 

could you please tell me what my friend should do. He is forwarding his limited company to other director so he wants to do the CH Accounts earlier and he will need to pay some tax. He wants to pay it as soon as possible. How he should do that if he didn't get a payslip from hmrc yet? For the payment on hmrc website he needs a 17 digit reference number. Where he can find it?

Replies (17)

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By User deleted
02nd Feb 2015 14:12

He can find it on the company's online record

Or he could always ask the company's tax adviser to find it for him.

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RLI
By lionofludesch
02nd Feb 2015 14:14

Notice to file

He should have had a Notice to File a Corporation Tax Return about a month after the year end.

It should be on there.

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By KDF
02nd Feb 2015 14:31

BKD, he can find the number on his hmrc account? where exactly?

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By User deleted
02nd Feb 2015 14:38

I suggest ...

... that your friend takes up the second of my suggestions.

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By johngroganjga
02nd Feb 2015 14:39

It will need to be the company's HMRC account rather than his own obviously. But please ask him not to be lazy.  It is inconceivable that it will take him more than ten seconds to find the company's UTR once he has logged on to the company's account. If however he has a genuine difficulty in finding it by all means report back. But it is not reasonable to ask someone to interrupt their day to provide your friend with a route map that he almost certainly won't need.

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By KDF
02nd Feb 2015 14:46

Yes. He has access to his company's HMRC account. He also knows his company UTR number /but it is 10 digits/ and for payments we need 17 digit number /payslip reference number?/, as it is said here:

https://www.santanderbillpayment.co.uk/hmrc/scripts/nrpayform.asp?pt=CT

 

or maybe there is different option to pay corporation tax? what information he needs to pay?

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By johngroganjga
02nd Feb 2015 14:51

How is he proposing to pay?  Online?  Cheque in the post?

And why on earth does he want to pay early?

 

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By KDF
02nd Feb 2015 14:53

He wants to pay online and he wants to do it quick so he won't have any payments later. 

Is there any other way?

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By johngroganjga
02nd Feb 2015 14:57

That is not a sensible reason for making a donation to HMRC!

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By KDF
02nd Feb 2015 15:02

I don't get it. He already know what amount to pay to HMRC. Why he couldn't do it then? 

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By User deleted
02nd Feb 2015 15:26

To be fair

The OP says that the friend wants to pay the CT as soon as possible. While my own responses may have been a little curt, I don't see what business it is of ours to ask why early payment is desired - it is irrelevant to the question asked.

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Euan's picture
By Euan MacLennan
02nd Feb 2015 15:44

Log on to CT Online

... as either agent or client, click on View Account, click on the relevant year-end and the 17 digit reference appears below Please note.

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Tom McClelland
By TomMcClelland
02nd Feb 2015 15:52

Interest

The incredulity here makes me wonder if the rules have changed.

I always paid my company's CT bill at the earliest possible moment, as soon as it had been calculated and filed (which I arranged at the earliest possible time after year end). The interest gained from doing this was more than I could get from any commercial bank account in the last few years.

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By User deleted
02nd Feb 2015 15:58

That's all well and good, Tom, if you've got cash to invest.

But what if the business is running an overdraft?

(And now I'm guilty of going off on a tangent :¬) )

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RLI
By lionofludesch
02nd Feb 2015 16:03

Clearly ...

Clearly the OP does have the funds, BKD.

And I agree with Tom that you can often make a useful sum of interest if the company is in that happy position.

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By User deleted
02nd Feb 2015 16:25

Reading between the lines again?

Clearly? Sorry, but I've been through the thread forwards and backwards and can't find anything that indicates that the company has cash to invest. It may well have access to funds, by way of bank overdraft. It may indeed be awash with cash. But I can't see anything that clearly  indicates one way or the other.

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By Paul Soper
02nd Feb 2015 17:15

Reading above the line?

I'd guess that he is selling his interest in the company to this other person and wants to sell it clean with no outstanding liabilities - seems reasonable enough...

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