CT 1.1 – Schedule of Professional Services: Corporate Tax Services
This schedule should be read in conjunction with our standard terms and conditions. The purpose of this schedule to our engagement letter is to set out the basis on which we are to provide taxation services as your agents on the basis that you will make full disclosure to us of all relevant information.
1 Taxation services
1.1 We shall prepare, in respect of each accounting period of the company, a computation for corporation tax purposes adjusted in accordance with the provisions of the Taxes Acts. We shall also prepare the return form CT600 and subsidiary forms required by self assessment. The self assessment forms together with the supporting corporation tax computations, will be sent to you for written approval and signature prior to submission to the Inspector of Taxes [in the required iXBRL format].
1.2 Where applicable, we will convert your accounts in to the required iXBRL format appropriate for the purposes of submission of the accounts to HMRC. We will provide you with detailed information regarding the tagging applied for your approval.
1.3 We shall advise you as to appropriate payments of corporation tax and S455 CTA 2010 liabilities (loans to participators).
1.4 If the company is selected for enquiry by the HM Revenue and Customs, we will agree separate terms of engagement. The supplementary engagement terms will include responsibilities and fees as appropriate.
1.5 You will be responsible, unless otherwise agreed, for all other returns, more particularly: returns relating to employee taxes under PAYE, returns of employee expenses and benefits on forms P11D and the returns of income tax deducted at source as required on forms CT61. Your staff will deal with all returns and other requirements in relation to value added tax.
1.6 We shall be pleased to advise you on matters relating to the company’s corporation tax liability, the implications or particular business transactions and on other taxation matters which you refer to us, such as national insurance, income tax deducted at source, employee benefits, value added tax and inheritance tax. Such services would also be subject to separate terms of engagement.
1.7 Where specialist advice is required on occasions we may need to seek this from appropriate specialists.
2 Changes in the law
2.1 We will not accept responsibility if you act on advice given by us on an earlier occasion without first confirming with us that the advice is still valid in the light of any change in the law or your circumstances.
2.2 We will accept no liability for losses arising from changes in the law or the interpretation thereof that are first published after the date on which the advice is given.
3 your responsibilities
3.1 The Directors, on behalf of the company, are legally responsible for:
- ensuring that the corporation tax self-assessment return (including tagging) is correct and complete;
- filing any returns by the due date; and
- making payment of tax on time.
Failure to do this may lead to automatic penalties, surcharges and/or interest.
3.2 The signatory to the return cannot delegate this legal responsibility to others. The signatory agrees to check that returns that we have prepared for the company are complete before he/she approves and signs them.
4 Limitation of liability
Our services as set out above are subject to the limitations on our liability set out in the paragraph included within our standard terms and conditions of business. These are important provisions which you should read and consider carefully.