What is Corporation Tax Return? 

Corporation tax return is also known as company tax return. All limited companies need to pay corporation tax. The rate of corporation tax is currently set at 19%. A company must submit its corporation tax return (CT600) and pay corporation tax if your company has chargeable profits. However, in case your company has not gained any profit, you will still need to submit the return. Your company shall be assessed on the profits made before the accounting period which is considered as the taxable period.

You submit your statutory accounts with Companies House while the corporation tax with HMRC. The deadlines for submitting your accounts with Companies House are as follows:

  • You can submit your first account 21 months after the registration date with Companies House
  • You can submit annual accounts 9 months after the end of your company’s financial year

Why is corporation tax important to a business?

It is imperative for your company to submit the corporation tax returns as failure to do so will result in penalties after the due date. Companies are required to submit their tax returns annually from the accounting period. The current penalties for late submission are as follows:

  • If you have a late submission of up to 1 month then the penalty is £150.
  • If you have a late submission of up to 1 to 3 months, then the penalty is £375.
  • If you have a late submission of up to 3 to 6 months, then the penalty is £750
  • If you have a late submission of more than 6 months, then the penalty is £1,500

For smaller companies, the corporation tax is payable in nine months and one day. Other requirements that your company needs to comply with are as follows:

How can our corporation tax accountants will help you with your tax returns?

We are one of the growing corporate tax accountants providing corporation tax services exclusively.

CMG ACCOUNTANTS has over 15 years’ worth of experience in helping its clients. We can help you in submitting corporation taxes, confirmation statements, company house accounts and refunds. We understand that you may have a busy schedule due to your business therefore we will come to your aide in order to mainstream your financial matters.

How do we operate? We determine risk areas, establish strategies that minimize financial statements and exposures to tax compliance. Our consumer and employees appreciate the reputation for expertise, performance, attention to detail and outstanding service.