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How to set up a company

Corporation Tax

Corporation tax is a tax on the company’s profits. For small companies this is currently 20%.

After you setup your limited company, HMRC will automatically send you a “New Company Details” sheet, which contains your company’s “Unique Tax Reference” (UTR). You must use this information to register online for Corporation Tax.

Each year, you must ensure that you file a corporation tax return and pay the correct amount of tax by the due dates.

Key dates are:

  • Pay corporation tax within 9 months and 1 day of the company’s year-end.
  • File a corporation tax return within 12 months of the company’s year-end.

Late returns and unpaid tax will incur penalties and interest, so it is vital to make sure that this is all setup correctly.

A good accountant will make sure they take care of all of your corporation tax requirements, so you do not need to worry about anything.

Next: “Annual Returns”
Any questions? Speak to one of our friendly accountants on 020 7969 2879.