Filing (both small & large companies):
The return is due for filing 12 months after the end of the period to which return relates
TX syllabus
Filing, Paying Tax - Company 3 / 11
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Filing (both small & large companies):
The return is due for filing 12 months after the end of the period to which return relates
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Company’s year end is 31/12/2020.
So you have to file the return by 31/12/2021
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Payment: Small companies:
Corporation tax is payable 9 months and 1 day after the end of each accounting period.
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Payment: Small companies:
Corporation tax is payable 9 months and 1 day after the end of each accounting period.
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Large companies - Quarterly Instalments
The 4 quarterly instalments will be made on the 14th of the months 7, 10, 13 and 16 following the start of the accounting period.
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Large companies - Quarterly Instalments
The 4 quarterly instalments will be made on the 14th of the months 7, 10, 13 and 16 following the start of the accounting period.
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Is it a Large company?
if Profits > £1.5m
£1.5m must be divided by the number of 51% related group companies
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Is it a Large company?
if Profits > £1.5m
£1.5m must be divided by the number of 51% related group companies
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Large company - example
For the accounting year ended 31 March 2021 the instalments would be due on:
October 14, 2020
January 14, 2021
April 14 , 2021
July 14, 2021
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Large company - example
For the accounting year ended 31 March 2021 the instalments would be due on:
October 14, 2020
January 14, 2021
April 14 , 2021
July 14, 2021
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Retention of Company records
5 years from filing date
Max. Penalty is £3,000
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HMRC - compliance check
HMRC can open a normal enquiry for a tax return, 12 months from the date of submission
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HMRC - compliance check
HMRC can open a normal enquiry for a tax return, 12 months from the date of submission
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