It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations.
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 months after the date the company was registered with Companies House. Further annual accounts must be submitted 9 months after the company’s financial year ends.
There is a fixed date for the payment of Corporation Tax which is 9 months and 1 day after the end of the relevant accounting period. Note that a company is usually required to pay the tax due in advance of the filing deadline for a company tax return.
In most cases, a company’s tax return must be submitted within 12 months from the end of its accounting period. Online Corporation Tax filing is compulsory for company tax returns. Company tax returns have to be filed using the iXBRL data standard using either HMRC’s own software or third-party commercial software.
The accounting period for Corporation Tax is normally the same 12 months as the company financial year covered by the annual accounts. Note that there are penalties for filing late with Companies House and HMRC.
Confirmation Statements, previously known as the annual return become due on the anniversary of the incorporation each year, if you file changes early through this submission, the date will move so it is important to keep your records up to date. In essence, the Confirmation Statement is your opportunity to update Director, Shareholder, and Persons of Significant Control details as well as being the only way to amend the Standard Industry Classification (SIC) code.
It is important to note that the above are your minimal obligations subject to how your business is run, e.g if you employ staff, you will have PAYE submissions, and if you register for VAT, you will have to ensure that your VAT is submitted in line with the scheme and periods as determined by your VAT registration.
Get in touch to discuss your limited companies requirements, MJB Avanti helps business owners to achieve their business and personal financial goals through comprehensive advisory services in addition to compliance.
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