Filing returns require preparation which should be a priority for anybody who runs a business. Optimizing tax is a continuous task, when the deadline is close people under pressure tend to make mistakes and often realize that some measures to save tax simply cannot be taken that late. Here are some of the deadlines which should be considered:
|File annual accounts with Companies House||9 months after your company’s financial year ends|
|Pay Corporation Tax||9 months and 1 day after your company’s financial year ends|
|File a Company Tax Return||12 months after your company’s financial year ends|
Late accounts for Companies House
Companies will have to pay a penalty charge if they file their accounts after the due date.
|Time after the deadline||Penalty (for private limited companies)|
|Up to 1 month||£150|
|1 to 3 months||£375|
|3 to 6 months||£750|
|More than 6 months||£1,500|
Late Company Tax Return to HMRC
|Time after the deadline||Penalty|
|1 day late||£100|
|3 months late||Another £100|
|6 months late||HMRC will estimate your company’s tax bill and add a penalty of 10% the unpaid tax|
|12 months late||Another 10% of any unpaid tax|
If your returns are late 3 times in a row, the £100 penalties are increased to £500 each.
If your Company Tax Return is 6 months late, HMRC will write telling you how much Corporation Tax they think you must pay. This is called a ‘tax determination’. You can’t appeal against it.
You must send Companies House a company annual return every year, within 28 days of the anniversary of the company’s incorporation.
|Deadline on Report to Companies House||Changes|
|Within 14 days||where you keep your company records
your directors, or their personal details change
|Within 15 days||constitution or articles of association|
|Within a month||issue more shares in your company|
|Within 21 days||All other changes|
Dormant companies still have to file returns unless instructed otherwise.
Directors have to file their Self Assessment with the same deadlines as Sole Traders