File tax returns for UK Ltd with a delay - what'll happen?

[Samman Kaseeb Sleiman]

I have a UK Ltd and it's time to file tax returns. I've almost had no transactions. And in total there're maybe 10 TXs resulting into a few thousands of GBP in sum.

It's time to file tax returns.

No revenue in total - everything has been eatern by my salary 😛 I swear 😛


What will happen if one files a tax returns for a UK Ltd with a delay? It's because I've never done it before.


I also have an LLP, but there're 0 TX there. Do I have to file a tax return for it as well?

Last edited: Jan 18, 2023

 

[wellington]

Well.. revenues = profits, your salary also has additional taxes.

But HMRC are too busy chasing covid fraudsters, apparently so you have a year or so to sort it out (and the fine) before the Gestapo kick your door down.

 

[rafeusx]

Samman Kaseeb Sleiman said:
What will happen if one files a tax returns for a UK Ltd with a delay? It's because I've never done it before.
Click to expand...

LMGTFY
https://www.gov.uk/company-tax-returns/penalties-for-late-filing

Time after your deadline	Penalty
1 day	£100
3 months	Another £100
6 months	HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax
12 months	Another 10% of any unpaid tax

If they 'estimate' it you can't appeal even if it's wrong... If you file late 3 years in a row it raises to 500 instead of 100...

'everything has been eatern by my salary' - are you UK resident? If non-resident and non-domiciled your 'salary' will likely be classed dividends, as such the company will need to pay corporation tax. There are lots of cheap people on Fiverr who'll bang out very simple UK LTD company accounts and guide you through submitting them, `(income - expenses = profit = dividends) * 19% = tax` etc.

For self assessment, see: Which directors need to file a Self Assessment?

For the LLP, best to file it as dormant: Filing LLP accounts at Companies House