Limited Company FAQ's

No - but you will need to submit your paper return for 2019/20 by 31st October 2020, if you wish avoid a late filing penalty. If you submit your tax return on paper, HMRC will normally calculate your tax for you if you tick the relevant box on the tax return.

Yes, you will be charged interest from the date the payment was due until it is paid. You may also be liable to a penalty if your balancing payment (due 31st January 2021 for 2019/20) is late.

Yes, there are automatic interest and penalties apply for failure to file your tax return and pay your tax on time – even if you have no tax to pay or are due a refund.

You can apply to reduce your payments on account. You can do this at any time using form 303 either online or in paper form up to when the balancing payment is due. You can also make the claim on the previous year's tax return giving details of the circumstances in the additional information box at the end of the form.

If you completed a self-assessment return last year, you need to continue to complete a self-assessment return annually.

When calculating the payments on account due for 2019/20, we look back to 2018/19, work out the tax due for this year – the tax due being tax liability less tax deducted at source - and we divide this by two. The resulting number is each payment on account for 2019/20.

Tax for a tax year is paid in two stages. You make two payments on account of income tax for the tax year. The first payment on account is made on 31 January in the relevant tax year and the second is made six months later, on 31 July following the tax year.

The below information has been listed in relation to your personal tax liability for 2019/20.

The below information has been listed in relation to the tax year ending 5th April 2020.

If you receive a tax return you have to complete it, even if you are an employee and pay all your tax through PAYE.