Corporation Tax Payment Deadline

Companies based in the United Kingdom are subject to taxation on their earnings, this is known as corporate tax. A business will also have to submit a tax return even if the business does even earn profit at that period. A business which is not making money, also required to file a tax return. In this article we shall know about Corporation Tax Payment Deadline and further procedure so let’s start. 

Calendar of Corporate Tax Events for 2024

When to Pay Corporation Tax

The time is to pay their corporation tax nine months and one day after the close of their financial year. For example, if your year end is 31 March 2024 then it has to be paid by 1 January 2025. 

Large organizations make their payments throughout the year according to their revenues.

What are the corporate tax deadlines 2024?

The tax return should be filed within 12 months from the end of the fiscal year. If your year ends on March 31, 2024 you will have to file by March 31 2025.

You have to submit online using HMRC’s website. You must have your company’s Unique Taxpayer Reference (UTR).

When is the corporate income tax deadline?

• Small Companies: Ensure timely payment and filing to avoid penalties. The return must be filed within 12 months. Big Companies: Pay in instalments. The tax return must be filed within 12 months.

If the deadline falls on a weekend or a holiday, it shifts to the first working day of the week.

What is the deadline for paying income tax?

The income tax deadline is the same as the corporation tax payment deadline. Make your tax remittance by then if you do not want to be charged more money.

When is the corporate filing tax deadline?

The tax return itself can be filed up to 12 months after a year has concluded. The return shows the amount of income that you earned, expenses you made, and the amount of tax due.

Scrutinize all entries before the filing of the case to prevent mistakes.

What Is the Filing Deadline?

The due date is extended to both the tax payment as well as the filing of the return. Make sure to mark both dates, so as not to forget either of them.

10 Simple Tips Will Help You to Remember Important Dates

• Write It Down: Do not forget the deadlines you have set on your calendar.
• Use Software: Apply application systems in tracking of your cash and use the alarms to inform you of time constraints.
• Ask for Help: Payments and filings can be helped by an accountant.
• File Early: Do not delay to the final moment.

What happens if you’re late filing your tax return?

You may be charged for a delayed delivery of your work depending on the amount of time you take to submit your order. Penalties include:

• Late Payment Fine: You pay more if your tax is late.
• Interest: HMRC attach interest on the outstanding balances.
• Late Filing Fine: Fines increase as time passes for not filing the tax returns.

If you fix these problems, you will be filing on time.

Conclusion:

Make your payment of your taxes in nine months and one day after the year has ended. Finish filing your tax return within a year before the Corporation Tax Payment Deadline. Keep yourself organised and don’t hesitate to ask for assistance if it’s required. Staying on schedule protects your company from fines.

FAQs

What if my company has no profit?

There is still a requirement for filing a tax return with HMRC.

Can I get extra time?

Extra time is rare. HMRC should be contacted any time you encounter a challenge.

Do I have to file online?

Yes, All tax returns can be prepared and filed online.