If you are based outside the UK and you are managing offshore companies which own income-producing assets in the UK such as UK property, source of royalties, income from trading activities or even certain trust income then a tax return must be prepared and submitted to the UK tax authorities by 31 January of the year following the tax year in which the income arose. For example if the tax year ended on 5 April 2010 (2009/2010), the tax return submission deadline would be 31 January 2011.
In addition the balance of any tax due, again using the above example, for the tax year 2009/2010 must be paid by 31 January 2011. Also payments on account for the next tax year 2010/2011 could be due on 31 January 2011 and 31 July 2011. Automatic financial penalties are generated for non-compliance with these regulations.
RKG Consulting will be pleased to assist overseas corporate services providers comply with UK filing regulations in respect of non-UK companies owning UK assets or income at a reasonable cost. We have a generous scheme of fee discounts where trust and corporate services providers refer volume business to us. Why should you take on the hassle of trying to keep abrest of ever-changing UK tax legislation when you can outsource tax return filing activities to us and still maintain or even improve your profit margins?