Filing corporate tax return is to be paid by all those corporations and artificial entities operating their business in UK, Businesses have to pay corporate tax, unless they are exempt. Even if no tax is payable on them, they are still liable to file returns. Entities like sole proprietorship, individuals, property of deceased and trusts are exempted from filing returns in certain conditions.
When you set up your limited company, you automatically get different reporting dates for the first:
• annual accounts you send to Companies House
• Company Tax Return you send to HM Revenue and Customs (HMRC)
You may also have to send (‘file’) 2 tax returns to cover your first year in business.
Your first accounts usually cover more than 12 months. This is because they:
• start on the day your company was set up (‘incorporated’)
• end on the ‘accounting reference date’ that Companies House sets for the end of your company’s financial year - this is the last day of the month your company was set up
The period covered by your tax return (your ‘accounting period’ for Corporation Tax) can’t be longer than 12 months. So you may have to file 2 tax returns to cover the period of your first accounts. If you do, you’ll also have 2 payment deadlines.
In following years you then normally only file one tax return - and it will usually cover the same financial year as your accounts.
The following business types are required to submit IXBRL Accounts along with filing Company tax returns.
• A limited liability company classified as a corporation in UK
• If a corporation directly or indirectly owns a company, the corporation is required to file an Company tax return
• A Private Limited company classified as company is require to file accounts &Company tax return.
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