The preparation of year end accounts for sole traders, partnerships and statutory accounts for limited companies and LLPs. This includes the production of financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public, as well as the corporation tax calculations and tax return filed with H. M. Revenue & Customs.
Filing Dates of Returns
The corporation tax self-assessment return (CTSA) should be submitted to H. M. Revenue & Customs along with the accounts and tax computations. The filing deadline for the CTSA return (plus accounts and tax computations) is normally 12 months from the end of the accounting period. If the return is late there are penalties as follows…
- Up to 3 months late – £100 (increasing to £500 for a third consecutive late return)
- Over 3 months late – £200 (increased to £1000 for a third consecutive late return)
- 6 to 12 months late – Extra tax geared penalty of 10% of the unpaid tax.
- More than 12 months late – 20% of the unpaid tax.
Payment Dates For Corporation Tax
This is usually 9 months and 1 day after the end of the accounting period for small companies. However large companies (£1.5 million of profits) pay under 4 quarterly instalments, that commence 6 months into the accounting period, so they must use an estimate of their eventual tax liability for the year. Companies that form a group may fall into the definition of “large” and be required to pay corporation tax by instalments. Interest runs on late payment.
Very few businesses can afford in-house accounting departments. Our expertise fills that gap while providing a range of added value services in this area so that you are guaranteed a clear and accurate picture of your company’s financial health.