Compiled Financial Statements
A compiled financial statement provides the financial information of your company, including income, expenses, cash flow, assets and liabilities in the form of Profit & Loss and Income Statements. A financial statement features an accrual basis of accounting. In most cases, the Generally Accepted Accounting Principles (GAAP) dictate the method of compiling information. However, the Journal of Accountancy reports that certain situations require the reporting of financial statements under the "other comprehensive basis of accounting," (OCBOA). Both methods provide a comprehensive look at the worth of a company, but the OCBOA method usually takes less time and cost to prepare.
Submit Financial Records with Corporate Tax Returns
Tax returns operate on a calendar year spanning from Jan. 1 to Dec. 31 of the given year. Financial statements use the fiscal year indicated by the company. There are no universal dates establishing when a fiscal year begins and ends. It is at the discretion of the company. The rules regulating the reporting of information for the year are unique to each type of financial report. It is suggested that a certified accountant or accounting firm be hired to accurately report your financial statements.
Click download a:
Resident Corporate Tax Return Form
Non-resident Corporate Tax Return Form
Completeing the TD6
TD6 (PAYE Annual Return)
As an employer you are required to complete this Return in respect of persons to whom you have made payments of remunerations (salary, wages, bonus, overtime, pension) during the Tax period stated on the form. You should also include any benefits or allowances (for example: housing, traveling, entertainment and commissions) enjoyed by the employees.
This Return is to be submitted to the Department no later than 31st January annually. There is a late filing fine of $500.00 for every month that the Return remains outstanding.
When Completing Your PAYE Annual Remittance Form (TD6) Ensure That:
1. The address stated on the form is your correct mailing address (please inform the Department of any changes);
2. The amounts stated in Part 2 - Tax Declaration and Calculation corresponds with the total on the TD5s submitted;
3. The TD6 Certificate is signed and dated;
4. If there is an outstanding balance of PAYE (Line 5), that the payment is attached for the amount. Non-payment or late payment will result in penalties and interest.
CIT Refunds As Credits
Any overpayment of taxes results in refunds. Upon submitting the corporate tax return, any calculated refunds for a corporate income tax will be treated as a credit carried forward to subsequent years. In addition, the CIT credit for the current year may be increased later by the credits from later years. You subtract this credit directly from your tax.
The credit is carried forward and used as an input tax deductible in three consecutive tax periods, after which the taxable person may file with the Comptroller a claim for refund for the remaining amount.
Additionally where more than fifty percent of a registered taxpayer’s activity is zero-rated a claim for a refund may be made after one month.