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All limited companies that are not dormant for corporation tax purposes must file their corporation tax returns to HMRC and they must be filed online. The deadline for filing corporation tax returns is one year after the company’s year end. The year end for corporation tax must be the same as the accounts. There are penalties for not filing a company tax return by the deadline:

  • £100 for filing one day late
  • another £100 for 3 months late
  • 10% of an unpaid corporation tax estimated by HMRC for 6 months late
  • Another 10% of any unpaid tax for 12 months late

There are also penalties and interest charges for late payments.

All sole traders, self-employed and partnerships must register and file their tax returns, called self assessment tax return, every year that they are still trading. Company directors and employees who have other income such as rental income or dividend must also register and file their self assessment tax return each year. The deadline for self assessment registration is 5 October after the year end. The year end for a self assessment tax return is 5 April. The deadline for filing this self assessment tax return is:

  • 31 October after the year end for paper tax returns (31 October 2019 for the year ended 5 April 2019)
  • 31 January following the year end for online filing (31 January 2020 for the year ended 5 April 2019)
  • 30 December after the year end if the taxpayers want HMRC to collect their tax automatically from their wages and pension

The penalties for late filing a self assessment tax return are:

  • £100 automatic fine for missing the deadline
  • 5% of tax due for 30 days late
  • £10 per day for up to 90 days (maximum £900) for 3 months late
  • 5% of tax due or £300 if higher for 6 months late

There are also penalties and interest for late payments. For all your business accounts, tax return services and tax consultancy, please contact us now.

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