Tax Returns
Managing your finances as a company or self-employed individual can be challenging — and filing self-assessment tax returns on top of everything else only adds to the stress. The process can be complicated, time-consuming, and easy to get wrong.
At Asmat & Accountants, our experts handle your self-assessment accounts and company tax requirements, ensuring everything is submitted accurately and on time. This way, you avoid penalties or fines and gain peace of mind knowing your taxes are in safe hands.
We are best known for our all-inclusive unlimited service plan, covering all accounting services a UK business needs for a fixed monthly fee. Plus, when you join our all-inclusive plan, you’ll receive a 50% discount on any existing tax returns you may have.
We provide a full range of services including company accounts, tax returns, VAT returns, online bookkeeping, self-assessments, payroll, and more. Our expertise extends to sole traders, limited companies, partnerships, LLPs, small businesses, contractors, and individuals across the UK.
What sets us apart is our all-inclusive unlimited service plan — a fixed monthly package that covers every accounting need a UK business may have, with no hidden costs. Whether you’re just starting out or looking to simplify your financial management, we’re here to support you with expert guidance and proactive advice.
What's the process for completing your tax returns?
Give the Green Light ...
Join Asmat Accountants and become a client by generating a quote on our website or calling us on 01753 424 968 .
Collecting the right information ...
We will gather all the necessary information directly from you to ensure everything is accurate and complete. If required, we will also contact your previous accountant on your behalf, making the process as smooth and hassle-free for you as possible
Tax Return Production …
Our expert accountants will compile your tax return for you in the most effective way.
Submission to the relevant authorities …
We will submit your tax return to HMRC and Companies House if possible.
Our Expertise
Sole Traders
Simple, all-inclusive accounting services at a fixed price.
Limited Companies
Professional accounting support tailored for your limited company.
Partnerships
Qualified accountants delivering expert accountancy services for partnerships.
Limited Liability Partnerships
Expert accountants delivering tailored services for Limited Liability Partnerships.
Contractors
Hassle-free accountancy solutions tailored to contractors and freelancers.
Our Expertise
Sole Traders
Simple, all-inclusive accounting services at a fixed price.
Limited Companies
Professional accounting support tailored for your limited company.
Partnerships
Qualified accountants delivering expert accountancy services for partnerships.
Limited Liability Partnerships
Expert accountants delivering tailored services for Limited Liability Partnerships.
Contractors
Hassle-free accountancy solutions tailored to contractors and freelancers.
From the simplest questions to the biggest concerns — we’re here to help.
A truly unlimited accounting package that meets all your needs with complete transparency — no hidden costs, and a guaranteed response to your enquiries within three hours.
Unlimited support via phone and email
Absolutely no hidden fees
Guaranteed response within 3 hours
Trust the professionals with your numbers
We’re here to support your growth and reduce your tax liabilities.
Our goal is to support your business growth while reducing your tax burden. With monthly or quarterly management reports generated through QuickBooks Accounting Software, you’ll gain clear insights to make smarter business decisions. Plus, your accountant will be equipped to provide you with ongoing tax guidance every step of the way.
Monthly or Quarterly Management Reports
QuickBooks Subscription Included
Ongoing Expert Tax Advice
Ready to join us? We’ll handle it all for you!
Once you give us the go-ahead, we seamlessly take over all your accounting needs. If required, we’ll liaise directly with your previous accountant on your behalf, ensuring your accounts and tax matters are brought fully up to date without delay.
We liaise with your existing accountant on your behalf.
We handle HMRC approval to become your appointed accountant.
You stay focused on what you do best — running your business.
Frequently asked questions
INTRODUCTION TO COMPANY AND PERSONAL TAX RETURNS
Corporation Tax is applied to any taxable profits that your organisation obtains and should be found by the creation of company accounts. The taxable profits are then submitted to HMRC.
This indicates that once your company starts making a profit, you should also start making payments for your Corporation Tax Return by using the rate of 19%, except if your company has experienced recent losses in previous years.
Your personal tax return should be completed every year and submitted to HMRC as a self-assessment.
WHAT DOES A COMPANY TAX RETURN COMPRISE OF?
In your company tax return, you will find all the monetary activities of your company during the whole accounting period of your corporation tax. It indicates the total taxable profit that your organisation has acquired during a specific timeframe as well as the total corporation tax that you need to pay for these profits.
A company tax return should include form CT600, which shows the amount of corporation tax that your organisation owes. A complete arrangement of the annual accounts and the figures used in the computation are shown in the form CT600. A reliable accountant can help you with this if you prefer not to do it yourself.
WHAT ARE THE COMPANY TAX RETURN DEADLINES?
Keep in mind that corporation tax is not mainly dependent on the circumstances of your accounting period. When your company’s year-end has arrived, your accountant must deal with your financial records straightaway. Your corporate tax return must be filed within 12 months of the accounting period of your organization. Most likely, you will rely on your accountant. However, the directors must see to it that this is done promptly and properly.
If your business obtains a profit of up to £1.5 million, then within nine months and one day starting from the end of your accounting period, you must pay the amount that your company owes to HMRC. If your company fails to do so, then you will have to pay some penalties.
To ensure that you will not forget the deadline, HMRC strongly recommends that you set up a direct debit. And if you don’t have any corporation tax liability, you must let HMRC know that you have nothing to pay.
It is a must that you file your corporate tax return online. For this reason, you are not allowed to do this by post if you don’t have any reasonable excuse. For instance,
- You had an unexpected stay in the clinic, which prevented you from handling your tax issues.
- Your associate or any other direct relation has died unexpectedly before the deadline for the payment or tax return.
- Your software or desktop has stopped working previously or while you are trying to file your return online.
- You had a serious illness.
- A fire, flood, or burglary has prevented you from filing your tax return.
- You encountered some issues with HMRC’s online services.
- Delays that are caused by your inabilities
- Postal postponements were unexpected.
HOW AND WHEN SHOULD YOU FILE YOUR COMPANY TAX RETURN?
Generally, a UK company tax return consists of the following items:
Company accounts, also referred to as statutory accounts, include all the records the company should arrange for its individuals according to the Companies Act. This includes the chiefs’ reports and perhaps the auditor’s or the evaluator’s reports.
Form CT600, which is duly signed by an authorized cosigner such as the company secretary, director, or any authorized tax evocative.
Additional pages that are necessary for the CT600
calculations or individual calculations that indicate how the amounts on the CT600 were derived.
Typically, you must file one company tax return every year. However, if the period of your annual accounts is more than 12 months, then you should file two tax returns. In these cases, one will cover the period for the initial year while the other return will cover the excess timeframe.
If you feel that you are well-prepared to accomplish your company tax returns, then you may do so. You could also choose to hire a tax advisor or an accountant to help you out. Oftentimes, company tax returns can be intimidating, especially if you don’t have any knowledge about this.
If you are not using a tax advisor, accountant, or a specialist to help you prepare and file your tax returns, then you should file your corporation tax and tax returns online.
The deadline for filing your tax return online is one year after the end of your accounting period for corporation tax. The amount of tax that your company needs to pay will greatly depend on the amount of profits that you have generated during the accounting period of your corporation tax.
HOW CAN I SUBMIT MY COMPANY TAX RETURN?
You are not allowed to pay your tax return by post. You must pay your corporation tax electronically using various methods, including Direct Debit, online or telephone banking, at your bank or building society, CHAPS, or BACS.
WHAT INFORMATION IS NEEDED FOR YOUR TAX RETURN?
After your company has been successfully consolidated, you must familiarize yourself with the different documents that are needed by HMRC and Companies House. A confirmation statement refers to the report that contains accurate and exceptional information about a limited company on a particular date.
The reason why it is important to file a confirmation statement once every 12 months is to confirm the details of your limited company. This includes all the information that you have submitted at Companies House during your registration. You also need to update any developments in investors’ subtleties and the shared capital. Companies House will verify the confirmation statement subtleties and make a comparison against the public register. Afterward, if there are any developments, the share capital and investors’ details will be updated when necessary. Various changes should be considered independently and confirmed in the confirmation statement.
Officers, including the company secretary and directors,
Company name and number
PSCs, or Persons with Significant Control,
Registered office address
Date when the return was created-refers to the date when all the information was corrected.
Primary business activities
If you are using one, it is the SAIL address or alternative inspection address if you are using one.
Members, including guarantors, shareholders, or LLP members
Charges for Late Submission of a Company Tax Return
Share capital for companies is limited to apportionment by shares.
HMRC will inform you if you are good with your taxes in case you try to cite anything that has no reference or has an improper reference in your liability. You could make modifications by discussing this with the Collector of Taxes and explaining every detail of the payment and your precise installment reference. Afterward, at this instant, they will redistribute your payment against the liability of your company. It is expected that you will pay the interest on the underpayment. The following are the penalties imposed by HMRC for any misconduct that you have committed.This indicates that once your company starts making a profit, you should also start making payments for your Corporation Tax Return by using the rate of 19%, except if your company has experienced recent losses in previous years.
Your personal tax return should be completed every year and submitted to HMRC as a self-assessment.
WHAT HAPPENS IF MY COMPANY TAX RETURN IS LATE?
HMRC has set the following penalties for late filing of tax returns:
- If you are late for one day, then you will be fined £100.
- You will be fined another £100 if you are late for 90 days.
- After six months, HMRC will make an evaluation of your bill, and a 10% penalty will be added to your unpaid tax.
WHAT ARE LATE CORPORATION TAX PAYMENTS CHARGES?
You will be charged with interest on the amount that you owe to HMRC. Otherwise, you will suffer the consequences if you are late in paying your tax. HMRC will do anything in such a way that they can recover any cash due, including:
- If you have some properties in Wales, England, or Northern Ireland, then they will probably be sold by the debt-accumulating organizations as ordered by HMRC.
- Unsettled accounts will be deducted from your pension or earnings.
- HMRC will close your business by retrieving cash from your bank accounts. The worst thing is they might take you to court. And during this time, you could petition for bankruptcy or financial protection.
You should not conceal your profits, or you will be required to pay a fine equivalent to 100% of your earnings.
WHAT HAPPENS IF I PROVIDE FALSE INFORMATION ON MY TAX RETURN?
If you file a company tax return and it is discovered that there were some mistakes, HMRC will impose a fine on you. The amount that you will be required to pay will greatly depend on whether HMRC acknowledges that it was an intentional mistake, no matter if you tried to hide it, and whether you willingly conceded to it before it was discovered by HMRC. In any case, HMRC will either choose the following:
- If the false information was intentionally provided and it was not concealed, then you will have to pay a fine of 20% to 70%. However, if HMRC reveals your cleverness, the fine will be between 35% and 70%.
- If you intentionally hide your profits, then you will be charged with a fine of 100% of your profit.
- If you acknowledge your inaccuracy, then you could be charged between 0% and 30% of your tax bill. If HMRC hooks you, this penalty could be anything between 15% to 30%.
If you have made a mistake while filing your corporate tax liability, you should inform HMRC right away.
By doing so, your penalty could be reduced, or everything could be eliminated. If your business is having some income issues and you are unable to pay the corporate tax, PAYE, and VAT, then the most reasonable option would be a pay arrangement. The pay agreement with HMRC is legal. Your company will propose to spread the amount owed across a certain timescale. You must provide some evidence to assist in your proposed reimbursement arrangement.
Most often, each organization has its own unique requirements for filing and reporting. The things that we discussed above outline all the major recording necessities for how your company can file a company tax return. This guide is designed for privately owned businesses that are limited by shares.
Different types of companies, such as community organizations or those engaged in other managed activities, will have some additional filing prerequisites.
