What are the HMRC Deadlines for Unpaid Corporation Tax?
A limited company is expected to prepare its annual accounts and company tax return at the end of the financial year. The corporation tax return deadline will, therefore, be specific to each company since it is related to the date registered with Companies House and will apply to each accounting period.
When are you First Expected to File Accounts with Companies House?
21 months after the date you initially registered.
When are Annual Accounts due with Companies House?
The tax return is due nine months after your company’s accounting period ends.
When is the Corporation Tax Deadline?
Exactly nine months and one day after a company’s accounting period ends. If you’re not due to pay any corporation tax, it is your responsibility to inform HMRC as much, in addition to your company tax return.
Don’t Risk Late Filing Deadline Penalties for Corporation Tax
Keeping informed of your due dates and late filing deadlines in regards to corporation tax return will save you paying either late filing, late payment penalties, or surcharges. HMRC takes the collection of corporation tax payments seriously and will be assiduous in sending you warning letters were due dates are not met.
An Inability to pay Corporation tax may be a Symptom of a Larger Problem
If your company is having trouble meeting tax deadlines, you will not only risk incurring the wrath of HMRC, but this may be a symptom of approaching insolvency.
Where there is late filing or late payment for corporation tax return in an accounting period, it may be there is an overdrawn loan account, and this should be addressed immediately. Should the company fail, an overdrawn position can have serious implications for the directors.
We offer a free consultation to any company director concerned about the financial health of the business. For confidential advice on arrears with PAYE, or missed payments for VAT and corporation tax, you can call us on 08000 746 757 to discuss your situation.