Filing for your first year after incorporation
Longer Initial Periods
Your very first accounting period starts on your date of incorporation and usually runs until the end of that month, one year later. This means your first set of accounts typically covers a period of slightly more than 12 months (e.g., 380 days).
Split CT600 Periods
Because HMRC rules state a single CT600 return cannot cover more than 365 days, a longer first period requires you to file two separate tax returns. WeFile detects this automatically and guides you through splitting your submission.
Apportioning Profits
When filing two returns for a split period, you must divide your profits between them. This is almost always done on a strict time-apportioned (daily) basis. WeFile calculates this split automatically to ensure accuracy.
No Previous Comparatives
As this is your first year, you will not have any comparative figures from a previous period. WeFile configures your statutory accounts to reflect this, omitting the prior year columns entirely.
Common First-Year Mistakes
A frequent error is entering the start date as the date trading commenced, rather than the date of official incorporation. For tax purposes, the accounting period strictly begins on the date your company was incorporated at Companies House.
Dormant Before Trading
If your company was incorporated but remained entirely inactive for several months before you started trading, you cannot simply skip those dormant months. Your accounts must cover the continuous period from incorporation, reflecting the dormant phase as part of the overall period.