When is the deadline for filing the first account?

The first account must be filed in 21 months after registration with Companies House.

What if you don’t receive a ‘Notice to deliver a Company Tax Return’ from HMRC?

You still must tell HMRC your company is liable for Corporation Tax. You must do this within 12 months of the end of your Corporation Tax accounting period.If you don’t, your company or organisation may be charged a penalty. HMRC calls this a ‘failure to notify’ penalty.

What are the penalties for keeping inadequate business records?

HMRC may charge a penalty of up to £3,000 per tax year for a failure to keep records or for keeping inadequate records.

How many types of primary business Tax in UK ?

Income Tax National Insurance Corporation Tax Capital Gains Tax VATRead more: Difference between LLP and private limited How to open a limited company in UK?

When you must register for VAT?

You must register for VAT with HM Revenue and Customs (HMRC) if your business’ VAT taxable turnover is more than £85,000.Read more: How to register a company in United Kingdom?

What is my unique tax reference (UTR) number in UK?

Your unique taxpayer reference , is a unique code that identifies either an individual taxpayer or an individual company. UK UTR numbers are ten digits long, and may include the letter ‘K’ at the end.

Unique taxpayer reference numbers are used by HMRC to keep track of taxpayers, and is the ‘key’ that the taxman uses to identify all of the different moving parts related to your UK tax affairs.

United Kingdom company formation
Company tax return UK

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Related FAQs

1. What if you don’t receive a ‘Notice to deliver a Company Tax Return’ from HMRC?
2. When is the deadline for filing the first account?
3. How many types of primary business Tax in UK ?
4. What are the penalties for keeping inadequate business records?
5. When you must register for VAT?
6. What is a dormant company?
7. The dormant company need to file account to Companies House?
8. Does the dormant company need to file account to Companies House?
9. Do overseas companies need to send accounting documents to Companies House in UK after registration?
10. Internal audit and external audit in the UK?
11. What is the function of accounting in business in the UK?
12. What is the difference between Tax Planning and Tax Management in the UK?
13. Can an external auditor perform an internal audit in the UK?

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