Company Tax Return

Does the thought of completing your company tax return (CT600) fill you with dread?  Does it always get put off until the last possible minute? 

Unfortunately leaving until the last minute means mistakes get made, things get missed and errors occur.

We’ve made the whole process of completing your company tax return really easy, you won’t have to deal with HMRC, you’ll never miss a deadline and always pay the correct amount in tax.

Ltd Companies, regardless of their size or how much money they have made, will need to file a Corporation Tax Return (CT600) with HMRC. You’ll be sent a ‘Notice to Deliver a Company Tax Return’ by HMRC which will tell you the date by which you have to file. It’s important that you check that this date is correct and inform HMRC if you think you should be filing to a different date.

There are some Ltd Companies that may not need to file a Company Tax Return if HMRC regards them as ‘dormant for Corporation Tax’

Fines for late filing can stack up quickly. If you miss the deadline to file your company tax return, HMRC may charge you a fine as follows:

• One day late: £100 penalty
• Three months late: Another £100 penalty
• Six months late: An additional penalty of 10% of your estimated corporation tax bill. HMRC makes this estimate, and you are unable to appeal against it.
• 12 months late: Another 10% penalty of your estimated corporation tax bill.

The more you file things late the worse it gets with HMRC. They do not look kindly on late filing! If your tax return is filed late three times in a row, the £100 penalties will be increased to £500 each.

On top of that there are separate fines charged if you’re late paying your corporation tax bill.

There are a limited number of “reasonable excuses” that HMRC may accept if you want to appeal a penalty. But in our experience filing on time is the best way to escape the scrutiny of HMRC.