Tax Zone >> Tax Helpsheets >> Corporation Tax
Corporation Tax Self-Assessment
Registration:
To ensure avoidance of penalties, companies should notify HM Revenue & Customs within 3 months of commencing trading which is normally done by means of completing from CT41G
Filing Dates of Returns:
The corporation tax self-assessment return (CTSA) must be submitted to HMRC along with the accounts and tax computations within 12 months from the end of the accounting period. If the return is late there are penalties as follows...
- Up to 3 months late - £100 (increasing to £500 for a third consecutive late return)
- Over 3 months late - £200 (increased to £1000 for a third consecutive late return)
- 6 to 12 months late - Extra tax geared penalty of 10% of the unpaid tax
- More than 12 months late - 20% of the unpaid tax
Payment Dates for Corporation Tax:
This is usually 9 months and 1 day after the end of the accounting period for small companies. However large companies (£1.5 million of profits) pay under 4 quartely installments, that commence 6 months into the accounting period, so they must use an estimate of their eventual tax liability for the year. Companies that form a group may fall into the definition of "large" and be required to pay corporation tax by installments. Interest runs on late payment