Business tax – Corporation tax
A business tax (or corporation tax) must be paid by limited companies on their profits.
As a business owner, you are responsible for filing a self-assessment Company Tax Return with the HMRC. This needs to be done by the correct date so they can calculate the tax you may owe. This is a long and complex procedure with hefty penalties and interest charges if these dates are missed. You are also legally responsible for keeping comprehensive records of company income and outgoings for the purpose of tax calculations.