You must complete a Corporation Tax Return and pay Corporation Tax on profits from doing business if you are registered as:
- a limited company
- any foreign company with a UK branch or office
- a club, co-operative or other unincorporated association, eg a community group or sports club
The deadline to submit your Corporation Tax Return and pay your Corporation tax bill is 9 months and 1 day after the end of the company’s financial year.
Unfortunately, not submitting your Corporation Tax Return on time, could result in considerable penalties and interest being accrued by HMRC. This is why it’s so important to put arrangements in place early on to ensure everything is completed on time.
Another huge benefit to being organised with your tax affairs is that you will know how much tax is due in advance with a good amount of time to pay your balance to HMRC.