The main returns are corporate income tax, income tax, advance tax, VAT and the withholding and social security return. Failure to file on time gives rise to an irregularity penalty, and to a tax loss penalty where tax revenue is lost.
Related terms
Corporate income taxThe tax levied on the earnings of capital companies, cooperatives and other corporate entities.Advance taxTax paid in advance during the year by income and corporate taxpayers, in quarterly periods, on current-period earnings.Irregularity penaltyA fixed penalty imposed for failure to comply with the formal and procedural provisions of tax laws, regardless of whether tax revenue was lost.Arm's length principleThe principle that transactions between related persons should be carried out at the prices and on the terms that would apply between independent parties with no such relationship.Capital gainGains of individuals from disposing of certain assets and rights that are subject to income tax.Certified public accountant (SMMM)A professional authorised to keep taxpayers' books, prepare their financial statements and advise on accounting and tax matters.
Last updated: October 22, 2026 · This definition is for general information only.