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TonyTax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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How long after registering a Limited Company should you pay

Resolved Question:

How long after registering a Limited Company should you pay tax? How does the tax work?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

If you register a company on 15 March 2014 for example and start trading on the same day, HMRC will issuse CT600 tax returns for the period 15 March 2014 to 14 March 2015 and for the period 15 March 2015 to 31 March 2015. You would probably draw up your first accounts to 31 March 2015.

If you don't start trading as soon as the company is set up and you tell HMRC of the dormant period, then the periods will be different. See the examples in the link I give you at the end of this answer.

The corporation tax liability will be payable nine months and one day after the end of the accounting period so in the example, it will be due on 1 January 2016.

Take a look here for information on corporation tax.

I hope this helps but let me know if you have any further questions.

Customer: replied 2 years ago.

Great thanks.

To clarify, if I registered in Jan, started trading in April - then my accounting year is April 14 - April 15, then my taxes are due 9 months later Jan 2016?

Thanks,

Sarah

Expert:  TonyTax replied 2 years ago.
You would still draw up accounts for the period January 14 to the end of January 2015 and pay the tax on 1 November 2015. See the first example here.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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