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Michael Paul Accountants

Corporation Tax Part 2

8th June 2011

Paul from Michael Paul Accountants Northamptonshire completes a series of articles regarding Corporation Tax.  This is part 2 and explains what you need to do and when you need to do it.

If your company or organisation is subject to Corporation Tax you must:

  • Tell HMRC
  • Pay the correct amount of Corporation Tax on time
  • File a Company Tax Return and supporting documents (since 1 April 2011 this must be done electronically)

The filing and payment dates for Corporation Tax are unlike other taxes such as income tax or VAT in that the deadline to pay Corporation Tax is before the deadline to file the Company Tax Return. Genrally the deadline are as follows:

  • The Corporation Tax payment deadline is nine months after the end of the company or organisations accounting period
  • The Company Tax Return filing deadline is twelve monthsafter the end of the company or organisations accounting period

Normally if a company or organisations profits for an accounting period are at a rate of more than £1.5m pa then the Corporation Tax must be paid in installments, all of which are due before the Company Return filing deadline.

As mentioned above from 1 April 2011 Company Tax Returns must be submitted online for all accounting periods ending after 31 March 2010 and any Corporation Tax due must be paid electronically.  Additionally the tax computations and (with very few exceptions) the accounts must be submitted in iXBRL (Inline eXtensible Business Reporting Language) . Michael Paul Accountants have all the necessary iXBRL software to enable us ensure our clients accounts, computations and returns are submitted correctly.

At Michael Paul Accountants Kettering, Corby, Northampton and Market Harborough are conveniently located near to our premises in Lamport although we have clients from all over the UK.  We are a firm of Chartered Certified Accountants ensuring you receive a professional and competent service at all times.

If you need any advice regarding Corporation Tax or any other accounting or taxation matters please don’t hesitate to contact us.


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