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The filing of corporation tax and company tax returns is done simultaneously, with different deadlines for both of them.It happens because only after completing a company’s tax return (known as CT600) can one assert the possible corporation tax filing.
A lot of companies choose to depend on experts for such tasks, but you can choose to do it all by yourself as well.
In case you seek a ‘notice to deliver a company tax return’ from HMRC, you need to file your company’s tax return.Even if your company has suffered a loss or in no need to file a corporation tax, you still need to file a tax return.
You would have to file the tax return 12 months after the end of your company’s accounting period. If your accounting period is different from your company’s financial year in special circumstances, you need to file two tax returns to cover your first year.
A company tax return shows your company’s corporation tax profit or loss that is different from the profit and loss shown in your annual accounts; the corporation tax bill. If you are handling your accounts, you can file your company’s tax account and your tax return with HMRC. You also have the option to file all of it online. A professional team for performing all these tasks is recommended for accuracy and punctuality in tasks.
There are consequences for not showing up on time with matters you are responsible for.
You can pay your corporation tax bill through:
According to the guidelines by HMRC, the late fine is charged as interest daily. This will start from the very first day after the deadline and last till it is eventually paid.
FinConcile is a team of accredited and seasoned specialists who specialise in accounting, tax, payroll, and compliance. Our team consists of CAs, lawyers, Company Secretaries, and other finance specialists who help accounting firms achieve long-term growth cost-effectively and accurately. We are your UK based outsourcer bringing prosperity within your business premises.