When should a Corporation Tax return be filed?

A corporation operating in the UK need to file corporation tax return to the government. If it fails to comply with the taxation requirement then the corporation can be subjected to penalties, fines and interest, etc. So, it is important to do corporate tax filing in the given duration. The corporation taxes are a little complex in structure that must be done properly as per the regulations. His Majesty’s Revenue and Customs [HMRC] has laid down all the obligatory and regulations of the corporation tax properly. This guide you give a more detailed insight about the corporation taxes here.

When to file corporation tax return?

The guidelines for the corporate tax filing is given below:

1. Normal filing deadline

The normal deadline for filing a corporation tax return is 12 months after the end of the accounting period. For example, if your company’s accounting period ends on December 31, the deadline for filing the tax return would be the following December 31. The accounting period covered by the tax return is typically the same as the company’s financial or fiscal year. It is essential to determine the correct accounting period to accurately report financial transactions during that time frame.

2. Payment deadline

In addition to filing the return, you must also pay any corporation tax owed by the filing deadline. The payment deadline is usually 9 months and 1 day after the end of the accounting period. Using the previous example, if your accounting period ends on December 31, the payment deadline would be the following October 1.

3. Exceptions

Some companies may have different deadlines. For example, if the accounting period is more than 12 months, the deadline is usually 3 months after the end of the accounting period. Additionally, new companies have a different deadline for their first corporation tax return, which is usually 12 months after the end of the accounting period.

4. Online filing

It’s worth noting that if you file your corporation tax return online, the deadline is extended by three months. The duration for the payment here is not changed.

5. Penalties for late filing

Late filing can result in penalties, and interest may be charged on late payments. It’s important to ensure that both the return and any tax owed are submitted on time.

How is the submission of the corporation tax return done?

The corporation tax return, often filed online, includes the Company Tax Return form (CT600) and any supplementary pages required based on the company’s activities. It’s crucial to submit the return before the deadline to avoid penalties. Corporation tax is usually payable nine months and one day after the end of the accounting period. Payments can be made electronically, and interest and penalties may apply if the payment is late.

A corporate tax filing in the UK involves a meticulous process of financial reporting, compliance with tax laws, and adherence to deadlines. It is crucial for businesses to stay informed about the latest tax regulations and seek professional advice.

If you are finding it difficult to get the proper professional in-house person to file corporation tax return then you can outsource this task to the experts. Meru Accounting provides expert corporate tax filing services in the UK. They have experiences team who have proper knowledge on HMRC guidelines. Meru Accounting is one of the prominent corporate tax filing agency in the UK.

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