Comparative Guides
Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.
Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.
Start by selecting your Topic of interest below. Then choose your Regions and finally refine the exact Subjects you are seeking clarity on to view detailed analysis provided by our carefully selected internationally recognised experts.
Results: 4 Answers
Corporate Tax
6.
Compliance
6.1
What are the deadlines for filing company tax returns and paying the relevant tax?
 
UK
A company must file its tax return in respect of an accounting period within 12 months of the end of that period.

If a company has taxable profits of £1.5 million or less in an accounting period, the deadline to pay any corporation tax due is nine months and one day after the end of that period. A company with taxable profits in excess of £1.5 million is required to estimate its profits for an accounting period and pay corporation tax in four quarterly instalments (assuming that the accounting period in question lasts for 12 months).

For more information about this answer please contact: James Anderson from Skadden, Arps, Slate, Meagher & Flom (UK) LLP
6.2
What penalties exist for non-compliance, at corporate and executive level?
 
UK
The United Kingdom has extensive powers to penalise corporates and executives for failure to comply with tax legislation. For corporation tax purposes, penalties generally arise depending on the severity of the alleged conduct underlying the non-compliance and may be tax geared to incentivise compliance in more valuable cases. In certain cases, executives who bring about a deliberate inaccuracy in a company’s returns may be held jointly liable for any penalties with the company.

For more information about this answer please contact: James Anderson from Skadden, Arps, Slate, Meagher & Flom (UK) LLP
6.3
Is there a regime for reporting information at an international or other supranational level (eg, country-by-country reporting)?
 
UK
The United Kingdom has implemented the country-by-country reporting template published by the Organisation for Economic Co-operation and Development in response to Action 13 of the Base Erosion and Profit Shifting Action Plan. The regime requires UK multinationals and UK sub-groups of multinationals to provide jurisdictional breakdowns of their operations and taxes paid.

The United Kingdom is a signatory to the Multilateral Competent Authority Agreement for the automatic exchange of country-by-country reports, and therefore exchanges reports received by it with other countries around the world.

The United Kingdom is implementing the EU directive regarding the disclosure of potential tax avoidance arrangements (known as DAC6). Although the impact of Brexit on the continuing application of this measure is unclear, the United Kingdom has passed enabling legislation to allow it to make regulations to implement DAC6 regardless of its potential withdrawal from the European Union.

For more information about this answer please contact: James Anderson from Skadden, Arps, Slate, Meagher & Flom (UK) LLP