Registration
To se company doesn’t hit penalties, companies sd notify HM Revenue & Customs wn 1 quarter commencing trading wh normally filling form CT41G.
Filing Dates Returns
The corporation tax self-assessment return (CTSA) ns sent HMRC ag essential number, ah file information online th HMRC website. cutoff pt CTSA return (plus accounts tax computations) normally 12 months fm accounting period.
If return late penalties follows…
Up 3 months late – £100 (increasing £500 consecutive late return)
Over 3 months late – £200 (increased £1000 consecutive late return)
18 24 months late – Extra tax geared penalty 10% unpaid tax.
More 24 months late – 20% unpaid tax.
Payment Dates Corporation Tax
Normally 9 months 1 day ar accounting period companies. le companies (£1.5 million profits) pay 4 quarterly instalments, start 6 months accounting period, estimate eventual tax liability year. Companies tt fall io definition “large” pay corporation tax instalments. runs late payment. gd accountants Liverpool advise ts aspect.
CT61 Returns
Companies mt deduct income tax fm se payments (maybe fm it payments) submit funds HMRC (2 weeks quarter end. Quarters 31 March, 30 June, 30 September 31 December, wh extra return period accounting period clash dates.
Time limits correcting enquiring tax returns?
HMRC gy he 9 months ar return filed (or amendment filed) correct obvious errors sh arithmetic mistakes. company amend return 12 months filing date.
With regards enquires, returns selected random reason (but HMRC don’t he which) time wn 12 months date return filed (assuming return filed early) filing date return filed late fm 12 months wn filed plus period quarter day (31 Jan, 30 April, 31 July, 31 October). We amendment, time limit changes 1 date amendment plus period quarter day.
However, HMRC me discovery assessment loss tax fraud negligence, fs giving rise loss tax oy HMRC ar time limit enquiry expired reasonably bn expected aware information available tm time. normal time limit discovery assessments 6 accounting period increased 20 fraud neglect.
Records
Accountants in Liverpool advise records connected wh return 6 ys accounting period. penalty non-compliance mh £3000 accounting period.
How Liverpool Accountants Help You
Accountants Liverpool assist aspects corporation tax compliance planning.
Alex Jacobson writes nr blogs websites including chartered accountants in Liverpool.
Article Source:http://www.articlesbase.com/taxes-articles/accountants-in-liverpool-explain-corporation-tax-self-assessment-for-dummies-1271339.html