Timeline to submit CT600 with HMRC
By when should you file company tax returns?
There are two aspects to be dealt with:
Corporation tax is usually charged for accounting periods for one year, except for the periods when a company starts and ceases, or if there is a change of accounting date. If the accounting periods in excess of 12 months, then more than one tax return will be required as a tax return cannot extend over a period of more than 12 months.
Company tax return for first year of trading
If you've just started your business, you may have two Corporation Tax accounting periods. As a Corporation Tax accounting period can’t be longer than 12 months, it is possible that in the first year of business your company may have to two sets of Company Tax Returns (even though you only need to file one set of accounts at Companies House.)
For example, if your company was incorporated on 10th December 2019, your company tax returns needs to be filed for two accounting periods:
From second financial year onwards only one company tax return will need to be filed. You will receive a ‘notice to deliver’ from HMRC informing you when these payments are due.
What is the penalty for late filing of company tax returns?
The table below sets out the penalty applicable for late filing of corporation tax:
| Late By || Applicable Penalty |
|One day ||£100 |
|three months ||additional £100 |
|six months ||HMRC will calculate the corporation tax due and will add a penalty of 10 percent of the unpaid corporation tax |
|twelve months ||additional 10% of the unpaid corporation tax |