Corporation Tax... late payment?

[sixspeed]

What are the financial penalties and any other implications for late payment of Corporation Tax?

Is it something to be avoided at all costs, or can arrangements easily be made for part-payment on or before the due date and the rest within a timescale agreed by the taxman?

My company is due payment soon and it is going to be a bit tight... wondering if there's room to extend the due date?


-andy-

[eric mc]

Essentially, any element of the CT bill paid after the due date (normally 9 months from the end of the financial year) will be subject to interest. Paying by installments may be acceptable if the Inland Revenue agree to a specific request for a phased series of payments. Interest will still continue to be paid on the overdue element of the liability.

Penalties are normally levied for late submission of the Corporation Tax return form (CT600). This is due to be submitted 12 months (normally) after the end of the company's financial year.


>> Edited by eric mc on Wednesday 1st October 07:33