Keep Your Tax Registration Up to Date

Review your tax registration whenever your firm's circumstances change. In particular:

• keep your Tax Representative's contact details accurate, your firm is responsible for this;
• update your registration when your firm commences activities under its QFC licence;
• review your commencement date, Accounting Period and financial year information where relevant; and
• monitor notices and correspondence from the QFC Tax Department, and action them as needed.

Keeping these details current keeps your firm compliant and makes sure QFC notices reach the right person.

File the Annual Tax Return

An active QFC entity files a Tax Return for each Tax Accounting Period. This applies to taxable and exempt entities, subject to the specific rules for your entity's status.

A firm that has not commenced activities is not normally required to file a Tax Return until it becomes active. It stays registered in the meantime, and updates its status once activities commence.

Your Accounting Periods are set up by the QFC Tax Department from your registration details, and filing becomes available once a period has been created. An Accounting Period longer than 12 months is covered by two Tax Returns, unless you request that one Tax Return cover the full period.

Submit a Complete Filing

A complete filing generally includes:

• a completed and authorised Tax Return form;
• the accounts for the period covered by the return; and
• a tax computation showing how the figures in the accounts reconcile to the Tax Return.

The accounts and supporting documents required depend on your entity type and status. The Tax Return Completion Guide gives box-by-box guidance and lists the files needed for a filing to be treated as complete.

Visit Resource Centre to view the Tax Return Completion Guide

Pay Any Tax Due

Corporation tax for a Tax Accounting Period is normally due six months after the end of that period. Where tax is payable, pay it in full by the applicable deadline.

You can view all tax payments including tax liabilities, additional tax, late payment charges, penalties and ruling fees in the Payments section of the Client Portal.

Maintain and Preserve Records

Maintain records sufficient to prepare a correct and complete Tax Return. These may include records of income and expenditure, transactions, assets and liabilities, accounts, contracts, invoices, vouchers and receipts.

Request a Filing Extension

If you need more time, you can request an extension to your filing deadline through the Filing Extended Deadline service in the Client Portal. Submit your request before the filing deadline and include your reason for it.

The QFC Tax Department confirms its decision by email. Requests are considered on their merits, so plan to file by your original due date if an extension is not granted.

Correct or Amend a Tax Return

If you identify an error after filing, you can amend your Tax Return through the Returns service in the Client Portal. You have 12 months from the filing deadline due date to amend a Tax Return that has already been filed.

Once an amended Tax Return is submitted, the original is shown as superseded. Amending after the filing due date extends the period in which the QFC Tax Department may raise an enquiry.

Manage Tax Agents and Tax Registration Cards

Authorise a Tax Agent from the list of approved QFC tax agents in the Client Portal, where you need professional representation.

• To change agents, de-authorise your current Tax Agent before authorising a new one.
• If your chosen Tax Agent isn't on the list, the agent firm can contact the QFC Tax Department directly to request being added.
• Keep your internal Tax Representative separate from any third-party Tax Agent - these are different roles.

Renew, replace or update your Tax Registration Card through the Tax Registration Card service. Renewal is voluntary, and there are no penalties for renewing later or not at all.

Plan Ahead for Filing and Payment

Give yourself room for the audit, accounts, tax computation, internal approval and payment steps before your deadline. Building in that margin is the simplest way to keep filing straightforward.

If a penalty has been issued for a late Tax Return and you have a reasonable excuse, you can request a waiver through the Client Portal once the outstanding return has been submitted. Waivers are granted at the discretion of the QFC Tax Department.