A limited company's annual requirements
The key to keeping on top of your annual requirements for your UK limited is to make a note of upcoming deadlines, filing all paper correspondence and keeping a record of your company’s financial information.
Whether you're a UK or non-UK resident, a UK limited company must follow all annual requirements (where appropriate).
In this article:
Confirmation Statement (previously Annual Returns)
The confirmation statement has replaced the annual return as of 30 June 2016.This is a statement you must file with Companies House confirming the information that they hold for your company is up to date. Your company must deliver a confirmation statement even if dormant.
Companies House.
When are they due?
At least once every 12 months.
What if I miss the deadline?
You can file your confirmation statement up to 14 days after the due date. It’s a criminal offence to not provide this information. If you discover you don’t have a PSC, you’ll need to confirm this in the confirmation statement.
Yes, visit our Confirmation Statement service page.
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Annual Accounts
Every limited company must provide a breakdown of the financial information about your company over the accounting year. If you're a dormant company, you must file dormant company accounts instead.
Who should I file this to?
Companies House and HM Revenue & Customs (HMRC) as part of your Company Tax Return.
First accounts are due 21 months after a company's incorporation date and then 9 months from your Accounting Reference Date (ARD).
Companies House can impose a penalty, and if they're not filed at all, they will attempt to strike off your company.
Do we provide this service?
Unfortunately no. However, you can file annual accounts yourself via Companies House or with an accountant. If your company is dormant (not trading), we can file your dormant company accounts hassle free.
Can I purchase a Confirmation Statement and Annual Accounts together?
We do offer a special bundle which will allow us to deal with both your filing obligations with Companies House for the year to take the weight off your mind. Click here if you would like to purchase (or find out more about) this bundle. If you have traded with your company at all, we cannot assist with your annual accounts.
Corporation Tax
Every trading UK company must pay corporation tax on the money your company makes from doing business, investments and selling assets. Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs.
Who must I pay this to?
HMRC.
Corporation Tax - 9 months and 1 day after the end of your accounting period. However, these can fall into 2 accounting periods *
Company Tax Return - within 12 months after the end of your accounting period (ARD).
* Your Corporation Tax and Company Tax Return deadlines may be different from the above if your accounting period is different to your financial year.
What if I miss the deadline?
HMRC can take enforcement action.
Unfortunately, no. However, you can pay Corporation Tax yourself via HMRC or with an accountant.
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Self-Assessment tax return
What is it?
Also known as a tax return. Each director or employee of a limited company (unless you're a non-profit organisation) that receives wages from the company's sales, must file a tax return. Your tax return will show your salary or dividends from your company and if you have other paid jobs. If the company is dormant, you are not required to file a tax return.
Check if you need to send one.
Who should I file this to?
HMRC.
When are they due?
31st January each year. Check the deadlines.
What if I miss the deadline?
HMRC can take enforcement action.
Do we provide this service?
Unfortunately, no. However, you can file your Tax Return yourself via HMRC or with an accountant.
Pay As You Earn (PAYE)
What is it?
If you want the company to pay you or your employees a salary, expenses or benefits, you normally have to operate PAYE as part of your payroll. PAYE is HMRC's system to collect Income Tax and National Insurance from employment. When paying yourself or employees through payroll you also need to make deductions for PAYE.
Who should I file to?
HMRC.
When are they due?
National Insurance - 22nd of each month or the 19th of each month if paying by post.
Income Tax - 31st Oct if filing via paper, and 31st January if filing online.
What if I miss the deadline?
HMRC can impose a penalty fine.
Do we provide this services?
Unfortunately, no. Visit HMRC on ways to pay for Income Tax and National Insurance. Alternatively, you can hire an accountant.
Quarterly VAT Returns
What is it?The amount of VAT you've charged and the amount of VAT you've paid must be reported to HMRC. You must submit a VAT Return even if you have no VAT to pay or reclaim. This only applies if you're VAT registered.
Who should I file this to?
HMRC.
When are they due?
Usually every 3 months. Check your VAT Return deadline via your HMRC VAT online account.
What if I miss the deadline?
HMRC can record a default against your company and impose a penalty fine.
Unfortunately, no. However, you can submit a VAT return yourself via HMRC or with an accountant.
This article is a general overview for a limited by shares company and some of the information may not apply to alternative limited companies. Should you need professional advice, please speak to an accountant or business advisor.