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Companies with a 31 December year end

For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different especially in the first year of business.

This deadline means that companies with the popular year end date of 31 December 2019 should have paid any liabilities for that year at the beginning on or before 1 October 2020. Interest is charged from the day after the tax should have been paid until payment has been made. 

HMRC have not extended the date for Corporation Tax Payments and payment remains due 9 months and 1 day after your accounting year end. However, you can apply to HMRC to pay on an instalment basis or defer payment if your finances have been badly affected by coronavirus. If you have missed your payment date, we would recommend contacting HMRC as soon as possible. We can assist you with this process if required. 

There are special rules for companies with taxable profits over £1.5m. These companies are defined as ‘large’ for Corporation Tax purposes and are required to pay tax due in instalments. 

Corporation Tax and related payments must be made electronically. You cannot pay Corporation Tax by post.

Source: HM Revenue & Customs Sun, 13 Sep 2020 00:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK