Tax compliance
United Kingdom
Corporation tax returns are due within 12 months of the end of a company's accounting period, and the tax should be paid within 9 months of the end of that accounting period. UK companies can choose the date which marks the end of their accounting period, December 31 and March 31 are common, but any date can be chosen.
Larger companies are required to make quarterly payments in respect of corporation tax. Broadly speaking:
- Companies with annual profits of GBP1.5 million or more (calculated on a group basis) are required to pay corporation tax in the 7th and 10th months of the current accounting period and the 1st and 4th months after the end of the accounting period, and
- Companies with annual profits of GBP20 million or more (calculated on a group basis) must pay corporation tax in the 3rd, 6th, 9th and 12th months of the current accounting period.
Separate rules apply to the payment of the diverted profits tax and the digital services tax and to tax due under the ORIP rules.
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