Corporate Tax Returns: Filing, Deadlines, and FAQs

Corporate tax returns are an essential part of running a business. Filing them accurately and on time is critical to avoid penalties and stay compliant with tax regulations. In this guide, we’ll cover everything from due dates and extensions to who can prepare and sign corporate tax returns.

What Are Corporate Tax Returns?

Corporate tax returns are financial documents filed annually with tax authorities to report a company’s income, expenses, deductions, and tax liabilities. In the UK, corporate tax returns are filed with HMRC (Her Majesty’s Revenue and Customs).

When Are Corporate Tax Returns Due?

The corporate tax return filing deadline depends on the company’s financial year-end:

• Standard Filing Deadline: Within 12 months after the end of the company’s financial year.
• Payment Deadline: Corporate tax must be paid 9 months and 1 day after the end of the financial year.

For example:

• Year-End Date: March 31, 2024
• Tax Payment Due: January 1, 2025
• Filing Deadline: March 31, 2025

Can Corporate Tax Returns Be Extended?

In the UK, extensions are generally not granted for filing corporate tax returns. However, extensions may be allowed for exceptional circumstances, such as natural disasters or technical issues. Companies must notify HMRC promptly and provide valid reasons.

Who Can Prepare and Sign Corporate Tax Returns?

Corporate tax returns must be accurate and signed by an authorized person:

• Who Can Prepare:
  • Accountants
  • Tax consultants
  • Internal finance teams
• Who Can Sign:
  • Company directors or authorized officers

Are Corporate Tax Returns Public Records?

Corporate tax returns are not public records in the UK. Unlike financial statements filed with Companies House (which are public), corporate tax returns submitted to HMRC are confidential and only accessible by authorized parties.

How Long Should Corporate Tax Returns Be Kept?

In the UK, businesses must retain corporate tax records for at least 6 years from the end of the accounting period. This includes:

• Financial statements
• Tax returns
• Invoices and receipts
• Bank statements

Filing Corporate Tax Returns in Different Jurisdictions

Corporate Tax Returns in Canada and the US

• Canada: Corporate tax returns are due 6 months after the end of the fiscal year.
• US: Corporate tax returns (Form 1120) are due on April 15 for calendar-year companies, with a possible extension until October 15.

What Happens If You Don’t File Corporate Tax Returns?

Failure to file corporate tax returns on time can result in:

• Late Filing Penalties: HMRC charges a flat fee plus daily penalties after 3 months.
• Interest on Unpaid Taxes: Interest accrues from the payment due date.
• Audits: Non-compliance increases the risk of HMRC audits.

Best Practices for Corporate Tax Returns

1. Early Preparation: Start preparing your tax returns well before the deadline.
2. Use Accounting Software: Tools like Xero or QuickBooks simplify tax return preparation.
3. Seek Professional Help: Hire an experienced accountant to ensure accuracy and compliance.

Why Choose Countify for Corporate Tax Return Services?

At Countify, we offer comprehensive corporate tax services in Glasgow, including:

• Accurate tax return preparation
• Timely filing and payment
• Tax-saving strategies
• Assistance with extensions and audits

Our team ensures full compliance and helps businesses optimize their tax position. Contact us today!

Frequently Asked Questions

Q: What date are corporate tax returns due?
A: Corporate tax returns are generally due 12 months after the company’s financial year-end.

Q: Can corporate tax returns be extended?
A: Extensions are not typically granted in the UK, except for exceptional circumstances.

Q: Who can prepare corporate tax returns?
A: Corporate tax returns can be prepared by accountants, tax consultants, or the company’s finance team.