Corporation Tax Services 

Core Accounting Services 

At HorizonFD, we take care in the preparation and filing of your company tax return to ensure you pay the correct amount of tax on time.

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Worry free Corporation Tax Services

We provide support for growing businesses in completing their Corporation Tax obligations with HMRC. As their registered agents, we will ensure your company fulfills its legal requirements, allowing business owners to focus on growing their businesses.

Planning

HorizonFD will review your accounts and plan the most effective structures to be tax efficient for your business.

Opportunities

We will see where potential tax reliefs are available for your business to utilise and how to apply them.

Support

We will provide support in handling conversations and information that are required or may be needed with HRMC.

Delivery

We will ensure your Corporation Tax (CT600) is ready to submit on time provided all requested information is gathered.

What is Corporation Tax

Corporation Tax, also known as a CT600, is a tax obligation for Limited companies based on their profits in one financial year. We can assist in completing this requirement accurately and efficiently.

By law, Limited companies must submit their tax returns to HMRC within 12 months of their company year-end date (accounting reference date). However, tax obligations must be paid within 9 months and 1 day of your year-end date. As a result, we can help ensure your Corporation Tax return is filed and paid on time, often at the same time as your Annual Accounts submission to Companies House.
Tax is a complex subject with many rules and regulations that must be adhered to. As entrepreneurs and small business owners, you are constantly under time pressure and may have an instinct to act quickly on decisions. However, hasty actions regarding your tax affairs can lead to significant ramifications in the future. If you are unclear about what needs to be included in your Corporation Tax return, you may not only fall short of your legal obligations but also overpay on expenses that could provide tax reliefs.

Please note Corporation Tax is only due for Limited companies which are a separate legal entity to personal individuals. Individuals, sole traders, and partnerships are not required to pay Corporation Tax but instead file self-assessment tax returns (also known as Personal Tax Return or SA302) at the end of every tax year.

Late Filing & Penalties

As mentioned earlier, Corporation Tax payments are due 9 months and 1 day after the company year-end date. Failing to file or pay the Corporation tax return on time will result in penalties and the possibility of interest being charged. It is vital to have a clear understanding of when your legal obligations are due. Below is an outline of the consequences of filing and paying late returns:

  •  One day late: An automatic £100 penalty is applied

  •  Three months late: An additional £100 penalty is given

  •  Six months late: An additional 10% penalty on the estimated Corporation Tax bill due is applied with no appeal allowed

  •  Twelve months late: An additional 10% penalty on the estimated Corporation Tax bill is applied

If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each

Unsure about what your tax obligations are?

Book a call with HorizonFD to see how we can assist 

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