The government and Companies House have jointly announced a 3-month extension to file their AFS on March 25th. This is a blessing to most businesses in the UK.

In international business, transparency is now the need of the hour as the tax landscape goes through multiple changes. The equitable and unprejudiced payment of taxes on the part of multinationals in countries they operate and operated in is constantly under the vigilance of the media, NGOs and lobby groups. In this scenario, mandatory legislation for a Country by Country reporting of financial and tax data is being implemented and encouraged.

The Company Accounts and Tax Online , abbreviated as CATO, a project that had commenced to digitise and simplify Corporation Tax filing for small businesses known as 'Micro-Entities' who met a desired set of pre-requisites and conditions . These criteria include turnover and number of employees, among other contributing factors.

A Guide to Mastering Corporation Tax in the UK: Efficiency through iXBRL Need more certainty about UK Corporation

In a recent announcement, HMRC has removed this moratorium and has renewed calling on taxpayers and their consultants wherever they feel tax responsibilities have been evaded.

Although there exists certain tax benefits and specific rules for “group” companies, the general rule is that each entity is required to prepare a separate tax return and calculate its tax liability.