Corporationtaxselfassessment

Under corporation tax self assessment, it is the company's own responsibility to calculate its taxable profits, work out the tax due, and file a return with HMRC within the statutory deadline, rather than waiting for HMRC to issue an assessment.

This places the burden of accuracy and timeliness firmly on the company and its directors, with penalties and interest for late or incorrect returns. Good bookkeeping throughout the year, along with a clear understanding of filing deadlines, makes the process far less stressful when it comes to submitting the return.