Companies are obliged to pay corporation tax on their profits including capital gains on every accounting year.
Companies must work out their tax bill and pay tax to HMRC nine months and one day after their financial year end. Corporation tax return must be submitted to HMRC 12 months after the accounting year end confirming the final amount of tax liability or refund. Your local tax office will assess the corporation tax return and issue confirmation on your company tax liability.
There are interest penalty on unpaid tax and fine for filing your company tax late. |