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Accounting and Taxation


As a company director, it is your responsibility to make sure that all the necessary financial statements, Tax returns and other required documents are filed to the relevant government authorities and taxes paid on time.

There are two authorities governing companies in UK.

HMRC. HMRC (Her Majesty Revenue & Customs) collects taxes and national insurance. Tax returns and financial statements are required to be submitted with HMRC.

Companies House. It maintains a register of all the companies in UK. Annual return and financial accounts need to be submitted to them.


Corporation tax.


Corporation tax is the tax on the net profit of the company after deducting expenses from your total profit.

The rate of Corporation tax is 20% on the Net Profit for small companies.

Once the company is incorporated, HMRC will allocate the company a Unique Tax Reference Number and send you a form called Corporation Tax, New Company Details. CT41G which needs to be submitted to the tax office notify them of the date to which the company intends to prepare its accounts to called Accounting Period. Accounting period is the period for which the company needs to prepare the tax return and pay taxes. The accounting period cannot be more than 12 months from the date of incorporation.

The corporation tax return and accounts need to be submitted to HMRC within 12 months after the end of accounting period.

The corporation tax is payable within 9 months and 1 day after the end of accounting period.

If you don’t meet the HMRC deadlines and requirements, you may face a penalty. These penalties can be avoided by making sure that the corporation tax return is accurate and submitted on time and by keeping sufficient record to support the company tax return.

If you file your Company Tax Return late, your company or organisation will be charged a flat-rate penalty of £100

If your Company Tax Return is late for three or more accounting periods in a row, the initial flat-rate penalty increases to £500 with a further £500 charged if you file your return more than three months late.

Interest may be charged on late payment of corporation tax.



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