Filing Corporate Tax

Filing corporate tax 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. Corporations and artificial entities include those

The following business types are required to pay filing corporate income 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 income tax return
• S corporation is required to pay corporate income tax return If they are not paying federal income tax in accordance with the guidelines on line 22c of Federal Form 1120S.

Filing Corporate Income Tax Return becomes due on or before the first day of the fourth month i.e. in July following the end of the tax year. Companies have been given 15 days to file this return. If you need extension, so you need to submit Tentative Income/Franchise and Emergency Excise Tax Return and Application. Once approved, authorities give an extended time of 6 months to file corporate income tax returns. For partnership, the extended time will be 5 months from the due date.

The amount that is paid to businesses as Filing corporate tax is calculated using federal taxable income, which is filtered and modified in accordance with the various rules and laws of the UK and finally, the net taxable income and the amount to be paid are recovered.