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Companies
Page 57
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Just like individuals, companies have to comply with a number of deadlines. The deadlines depend on . when the company's accounting period ends.The main ones are as follows: The due date for 'small companesIo pay corporation tax is nine months and one day after the end the company's accounting period. In this case small companies are those with profits below £1 5m.
Large companies are required to make equal quarterly payments of corporation tax on the 14th day of the seventh. 10th, 13th and 16th months following the start of the accounting period, based on an ; estimated corporation tax liability equal to that of the previous accounting period.
Companies need to submit corporation tax self-assessment return form CT600 within 12 months of' the end of the accounting period. Late returns incur a penalty of £100 if they are submitted within thre months of the filing deadline A further £100 penalty is incurred if the return is submitted later (penaltie rise to 1.500 and then £1,000 for a second and third offence). More penalties are imposed if the return is not submitted within 18 months from the end of the return period If a company is liable for tax and no return has been issued, it needs to notify HMRC within 12 months of the end of the accounting period. Otherwise, a penalty will be incurred equal to 100% of any tax unpaid 12 months after the end of the accounting period.
Companies' CT61 quarter periods end on 31 December, 31 March, 30 June and 30 September Any income tax must be paid by the 14th of the month following the end of the period.
The corporation tax financial year ends on 31 March