The main corporate obligation.
WHAT IT IS
Tax on company profits.
WHO FILES
Every registered company, whether or not it traded.
WHY EVEN IF DORMANT
A return is generally required regardless.
WHAT RATES DEPEND ON
Company size, by turnover, under the tiered regime introduced by finance legislation.
WHY THAT MATTERS
Small companies below a turnover threshold have been subject to a reduced or nil rate.
WHAT TO ESTABLISH
Which band you fall into, under current rules.
WHAT A RETURN TYPICALLY REQUIRES
Audited financial statements Computation of tax Evidence of any payments Supporting schedules
WHY AUDITED STATEMENTS
They are generally required for companies, which means engaging an auditor.
WHAT TO PLAN FOR
The time and cost of the audit.
WHEN RETURNS ARE DUE
Within a period after the accounting year end, as prescribed.
WHAT HAPPENS ON LATE FILING
Penalties and interest.
WHAT A TAX CLEARANCE CERTIFICATE IS
Confirmation that your tax affairs are in order for a period.
WHY IT MATTERS
It is required for government contracts, some licences, and various transactions.
WHAT IT REQUIRES
Returns filed and liabilities settled.
WHAT TO ENGAGE
A qualified tax practitioner or accountant.
WHY
The rules are detailed and change with each finance act.
