As a limited company, you must submit a corporation tax return and pay Corporation Tax on the profits from the business. The taxable profits are derived from trading, investments, &/or the selling of assets. By keeping accounting records and filing your companies tax return for your accounting period, the amount of Corporation Tax owed to HMRC is determined. This figure becomes available once the companies income taxes are submitted.
When is corporation taxes due? The corporation tax deadline is different from all other taxes and you will need to pay your corporation tax prior to filing your company tax return. The date to pay corporation tax will then depend on your company’s Corporation Tax accounting period.
The deadline to pay your corporation tax is 9 months and 1 days after the end of your accounting period for your financial period. So this means that a company would need to prepare their company tax returns to calculate how much Corporation Tax is due prior to submitting them to Companies House.
Corporation Tax carries late filing penalties.
