Company Tax Returns are tax assessments levied on the profits made by a company. As a separate legal entity, every company is required by legislation to file for and pay Company Tax Returns. Company Tax Returns are paid by filing a Corporate Tax Return form and paying the taxes indicated based on a calculation with the Returns. It should also be noted that a Company Tax Return is paid as a corporate entity and not personal tax. Nordens will help you handle the filing and payment. Also, we are open to different methods of Tax Returns; we will only work with what works best for you, while ensuring that you don’t get overcharged.
Nordens can save you time and stress on sorting out these returns. Firstly, filing for payment depends on the type of business structure. For a sole proprietor, business income and personal income have to be stated on a Self Assessment Return instead of Company Tax Returns. Or, if total income made at the end of the business year is above the threshold limit, Company Tax Returns have to be filed. As long as you have received a notice from HM Resource and Customs, you have to file it. Having filed it, the deadline for settling Company Tax Returns is 12 months. If you have a tangible reason for the delay, it is advisable to inform HMRC.
Evidently, it is advisable to always settle the Tax Returns before the deadline because the penalty could affect the financial standing of a business. In order to save more time, Nordens is at your service to provide you with software packages that prepare your accounts. Many clients who come to us complain about finding the process demanding; you can relieve yourself of the task by outsourcing. Your business doesn’t even have to wait till it gets to the HMRC office before calculating the amount taxable on profit – we have the tax evaluators and accounting professionals who will do the calculations and settle your tax bills as and when due. So, why not outsource?
Nordens premium service is designed to support you in your capital gains tax calculations, reporting and filing.
Our highly qualified ACCA accounting team can handle even the most complex CGT situation.
Capital Tax Return Formation
Filing of Company Tax Returns
Corporation Tax Calculation
Expert ACCA Accounting Advisors
Dedicated Account Manager
Nordens can save you time on essential business practices. So, to save you even more time, we’ve brought together all the other things you need to know about Company Tax Returns:
Company Tax Returns are documents that must be filed online with the HM Resource and Customs. A Company Tax Return form entails information about the amount which a company has to pay in relation to the declared business Returns, and a clear illustration of all the calculations that led to the final figures. This has to be filed every year as soon as a business year is about to end, whether by yourself, an accountant, or a professional agency that deals with tax issues. However, due to the statistical requirement, it is best if you let a professional do it on your behalf.
Sometimes – due to circumstances beyond a business owner’s control – there may be a need to change a company’s year-end or accounting date. Doing this will make the company’s year run beyond 12 months (or less than that), and it also means your deadline for filing accounts will change. Meanwhile, you can only do this for a current financial year or the one before it. No change can be made to a period if accounts are overdue. The application can be done through the Companies House Service.
The penalties are presented below according to Companies House Services:
• If your Tax Return is a month’s late, a private company attracts £150 while a public company attracts £750
• If you miss the deadline and couldn’t pay until three months, a private company pays £375 while a public pays £1,500
• If you miss more than three months, a private company is charged £750 while a public company is charged £3,000
• If you miss more than 6 months, a private company will pay £1,500 while a public will pay £7,500
Any period exceeding any of the above, could double your penalty. You can only evade the penalties if there is a written notice to the House about why you may not pay on or before your deadline.
Except when you are filing the company’s accounts for the first time, you are expected to present your accounts to the Companies House:
• 9 months from the date referenced as your accounting year if it is a private company. Thus, if the accounting year is dated June, a business has to file accounts by March.
• 6 months from the date referenced as your accounting year if it is a public company.
Not conforming to the agreement attracts a penalty.
You should, therefore, file your accounts by that date or before it. If the filing date falls on a no-work day or bank holiday, you are still expected to do so by the same date and – in some instances – on the immediate workday.
Corporation Tax is levied on your companies’ profits and the deadline to pay depends on your taxable profits. The deadline for payment is different from other tax duties, but it must be paid before you file your Company’s Tax Return. You must pay within a period of 9 months and 1 day after the closure of your accounting period for the preceding financial year. Here, the accounting period does not mean the end of the year, but the financial year of your business. Thus; if your accounting period ends on July 30, you must pay your corporation tax by May 1 of the following year.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 164 reviews
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
At Nordens, we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters in the big bad world of business. That way, you can stay one step ahead!
In celebration of our 18th birthday, we’ve launched our Refer-a-Friend scheme, allowing you to receive a thank you gift from us of up to £1,000 for successfully introducing a new client.
Our team of experts will be in touch to find the very best time to hold a free, no strings attached, one-hour consultation.