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FAQs

Tax returns and company tax

Get help with the core filing and tax responsibilities that come with running a business in the UK. This section covers Self Assessment, Corporation Tax, company filings, deadlines, and the practical questions that often come up when something is unclear or has gone off track.

Understanding your obligations

Do I still need to deal with Corporation Tax if my company has not made a profit or I have not taken any money out of it yet?

Usually, yes. A limited company can still have Corporation Tax obligations even if profits are low, no money has been taken out, or the business has barely started trading. What matters is the company’s status and activity, so it is important not to assume no profit means no filing.

If my company has been formed but is not really active yet, which filings do I still need to keep an eye on?

Even if a company is quiet, it can still have filing responsibilities with Companies House and HMRC. What is due depends on whether the company is active, dormant, or somewhere in between. It is worth checking early, because inactivity does not automatically mean nothing needs filing.

Do I need to file a Self Assessment if I only earned a small amount outside my main job?

Possibly. It depends on whether your total untaxed income exceeds the Trading Allowance:
  • Under £1,000: If your gross income from side hustles or small sales is £1,000 or less in a tax year, you usually do not need to register or file a return.
  • Over £1,000: Once your gross untaxed income exceeds £1,000, you must register for Self-Assessment and file a return, even if you have no tax to pay after expenses.

Filing and deadlines

What should I do if I miss the deadline to register for Self Assessment?

Register as soon as you can. The longer you leave it, the harder it becomes to work out what is outstanding and whether penalties may apply. Once you are registered, you can take stock of what needs filing and deal with any missed obligations properly.

How do I resolve missed filing deadlines with HMRC or Companies House?

You may face late filing penalties and interest. To resolve a backlog, follow these steps:
  1. Identify the Gaps: Determine exactly which filings are overdue (e.g., Confirmation Statement, Accounts, or CT600).
  2. Submit Immediately: File the outstanding documents as soon as possible to stop further daily penalties from accruing.
  3. Prepare for Penalties: Expect a penalty notice from Companies House or HMRC; the amount typically increases the longer the filing remains outstanding.
Appeal if Applicable: If you had a “reasonable excuse” (such as a serious illness), you may be able to appeal the penalty once the filing is complete.

How do I manage a tax bill I cannot afford to pay?

You should still file your return on time. To manage the debt:

  1. File on Time: This avoids the £100 immediate late-filing penalty.
  2. Request “Time to Pay”: Contact HMRC immediately to set up a payment arrangement.
  3. Pay What You Can: Making a partial payment reduces the interest charged on the remaining balance.

Common tax filing issues

What happens if I registered for Self Assessment but never actually started trading?

HMRC may still expect a return unless your record is updated properly. That means it is important not to ignore it, even if no business activity ever happened. Dealing with it early helps avoid unnecessary notices, confusion, or penalties building up later on.

What should I do if I realise the company has not registered for Corporation Tax on time?

You should deal with it as soon as you notice. HMRC still expects the company to meet its tax responsibilities, even if registration was missed. Acting early makes it easier to correct the position, work out what is due, and reduce the chance of further complications.

What happens if I filed my return and then realised I missed some income?

In many cases, a submitted tax return can still be corrected. The important thing is to deal with the issue promptly rather than leaving the return as it is. If the missing income affects the tax due, putting it right quickly can help limit further problems.
Not sure what your filing and tax responsibilities actually are?

We can help you understand what needs to be filed, what is due when, and how to get back on track if something has slipped.

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