Deadline for Corp Tax Returns?

JodieR

A few days ago I got a new client who's Ltd Company accounts to 31 Jan 08haven't been prepared or filed yet, and nor has the corporation tax return. They are obviously going to get a £100 fine from companies house, but does anyone know when HMRC start imposing penalties for late Corp tax returns? I remember years ago being very close to the mark and speaking to someone from HMRC who said that you actually get an extra 2 or 3 days grace past the deadline before penalties are imposed - does anyone know if that still stands? The other thing is that they have made a loss, so does the same apply as with self assessment where there's no penalty if there's no tax to pay?
It'll be a GREAT help if I can leave this mess until Sunday/Monday to sort out, but if it's going to mean extra penalties I'll have to turn to coffee and redbull!

groundy

Accounts will be due to HMRC by 31 Jan 09 ie 12 months from year end. I am may be wrong not 100% but pretty certain the £100 penalty stands irrelevant of tax position on company.

I would also reccomend looking at Companies House website with regards to penalties they are changing from 1 Feb are much more severe than previously.

JodieR

I thought that because they still had the 10 months to get their accounts in that the new penalties didn't apply, but you're right, if they're not at companies house by 31st Jan it goes up to £750!
Fun fun fun :ohmy:

deanshepherd

If they were late submitting accounts in the previous year too then it will be a £1,500 penalty - yikes!!

JodieR

I think they were too! Think I can justify doubling my fees on this one... :tongue_smilie:

farmergiles

It's worth a try, Jodie. Go for it ,girl

mowzer

The doubling of penalties doesn't actually apply in this case, only when accounts have been filed late after 1st feb 09, and then again in 2010. The increased penalties do, however, take immediate effect

I had this confirmed from Companies house today as have a similar scenario with a lazy client :001_rolleyes:

Dean

Is it not accounting periods ending after Feb 09 then?

Regards

Dean

Dean

I've done a bit more digging on this. Here is the actual regulation.

I read it as; the new penalties apply to company's with accounting periods beginning on or after the 6th April 2008. So the earliest these new penalties will bite is 6th January 2010. Being; company's accounting period 06.04.08 to 05.04.09 plus the new 9 month filing limit.

Anyone else agree?

Regards

Dean

deanshepherd

Nope.

The section referring to accounting periods after 6th April 2008 refers to the new 'doubling' of the penalty.

To me, it reads that the new penalties are charged if the accounts are submitted late from 1st February 2009, regardless of due date.

I am willing to be corrected though.

Dean

I think that section is just saying that, if it is a second successive failure, the company will be subject to double the new penalties shown - not one at the old rate (£100) and one at the new (£150). The penalty would be £300.

Regards

Dean

Bluewednesday

deanshepherd wrote: »

Nope.

The section referring to accounting periods after 6th April 2008 refers to the new 'doubling' of the penalty.

To me, it reads that the new penalties are charged if the accounts are submitted late from 1st February 2009, regardless of due date.

I am willing to be corrected though.

That was my understanding too but I can see how it's a bit ambiguous!