Limited companies are required to submit Corporation Tax returns in a similar way to the self assessment tax returns completed by individuals.
However, whilst individuals must all submit their tax returns within a specified filing date, limited companies prepare corporation tax returns for twelve month periods, usually coinciding with their own year end. These returns must be filed using inline eXtensible Business Reporting Language, more commonly referred to as iXBRL. This gives meaning to the financial statements enabling them to be interrogated by computers.
Corporation tax is usually then payable nine months from the end of the accounting period and so it is critical that a return is prepared in good time to ensure that the proper amount of tax is paid over.
We provide corporation tax services to all of our limited company clients including assisting in tax planning matters.
