To ensure you do not receive any punishment, your company must notify HMRC within 3 months from the trade – usually by filling out the form CT41G.
Filing Date for Your Corporation Tax Self-Assessment – Along with your account and tax calculation, tax self-assessment of your company back (CTSA) must be submitted to HMRC, although it is possible to apply all this information online through the HMRC website. You can check out experienced business growth consultants for getting more knowledge about tax and business services.
The filing deadline for self-assessment of your company's tax is usually 12 months from the end of your accounting period. Should you come back late, you will be punished as follows:
Should you back between 18 and 24 months late, then there is a penalty-based tax of 10% of the unpaid tax.
And if it is more than 24 months late, you will be fined 20% of the unpaid tax.
The payment date for your Corporation Tax – Typically, the corporate tax payment date is 9 months and 1 day after the end of the accounting period you – if you are a small company. If you are a large company (eg, with over £ 1.5 million of profit), then you pay four quarterly installments, and began six months into your accounting period – so you have to use an estimate of your eventual tax liability for the year.