| Commentary

20.4 Payment of the tax

| Commentary

20.4 Payment of the tax

A limited company which is chargeable to tax for an accounting period is required to notify HM Revenue and Customs of its chargeability within 12 months of the end of that accounting period, unless a return is issued1. Where a return is issued, it must generally be filed within 12 months of the end of the accounting period2. There is a penalty of £100 for late delivery within three months, rising to £200 thereafter3. The company must self-assess its tax liability4. There is no option for HMRC

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