If you incorporated a limited company, you should also know how & when to file the Company tax return and what are the requirements.
You must file a company tax return if your company is registered and received notice from HMRC to file company tax return.However, you don’t need to send a company tax return if you are self employed as sole trader or partnership.
When you file your tax returnCT600, you need to
Work out P&L for Corporation Tax( Might be different from P&L shown in annual accounts)Corp tax bill
The deadline to pay corporation tax bill is 9 months & one day after the end of accounting period.While the tax return is 12 months after the end of accounting period.
You will also have to file the accounts to Companies House at the same time as Tax Return.
There is late filing penalty of £100 for 3 months late filing.
If its 6 months late,HMRC will send estimated Tax bill with 10% added penalty.
& if its 12 months late, another 10% of unpaid tax bill.
You can make any amendments with in 12 months of filing deadline.HMRC can make a compliance check for errors in company tax return & may charge penalty for errors.
You can appoint an accountant to prepare & file your tax return.Your accountant will advise you the tax deductible expenses, tax planning ,How to claim AIA or tax refund.If you need help you can contact us.
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