Every year, your business accounts will need to be completed and submission need to be made.

We have compiled a detailed list of key dates, deadlines enabling you to stay on top of your fiduciary duties.

If you are struggling to stay on top of it all, there are plenty of small business accountants and professional bookkeepers who will be happy to help. So, even if you are terrified of numbers, there is a solution out there for you.

Quarterly Filing for Limited Companies

VAT

VAT submissions are normally submitted quarterly. All new businesses registering for VAT need to register through Making Tax Digital.

You can either register for VAT voluntary or you must register compulsory if your turnover exceeds £85,000. We are able to help you register, advise about VAT rates, provide bookkeeping and submit your returns.

VAT Filing Deadline

• VAT must be submitted online and paid within 1 calendar month and 7 days after the VAT accounting period

Penalties apply if not submitted within the permitted time

HMRC Records a Surcharge if

• You fail to submit VAT return by the deadline

• Your full VAT payment submission due on your return has not reached their account by the deadline.

This may enter you inter a 12 month surcharge period. If you default again within this period then the surcharge period is extended for a further 12 months and an extra amount on top of the VAT owed may be payable.

Surcharge is a percentage of the VAT outstanding on the due date for the VAT period that is in default.  It will increase every time you default again in a surcharge period.

Defaults within 12 months Surcharge if annual turnover is less than £ 150,000

• 1st - Nil

• 2nd - No Surcharge

• 3rd - 2% (no surcharge if less than £ 400)

• 4th - 5% (no surcharge if less than £ 400)

• 5th - 10% or £ 30 (whichever is greater)

• 6th - 15% or £ 30 (whichever is greater

Defaults within 12 months Surcharge if annual turnover is £ 150,000 or over.

• 1st - Nil

• 2nd - 2% (no surcharge if less than £ 400)

• 3rd - 5% (no surcharge if less than £ 400)

• 4th - 10% or £ 30 (whichever is greater)

• 5th - 15% or £ 30 (whichever is greater)

• 6th - 15% or £ 30 (whichever is greater)

HMRC can charge a penalty of up to

• If you send a return that contains inaccuracies – 100% of any tax under-stated or over-claimed

• If HMRC send you an assessment and it is too low and neglect to inform them within 30 days – 30% of the assessment.

• £ 400 if you submit a paper VAT Return unless HMRC has instructed you that you are exempt from submitting your VAT return online

Annual Filing of Company Accounts, Company Tax Return & Confirmation Statements for Limited Companies

The annual accounting obligations of limited companies are a little complex.

You must submit the following yearly.

• Company Accounts submission to HMRC & Companies House

• Corporation Tax Return CT600

• Confirmation Statements

Annual Filing of Company Accounts to HMRC & Companies House

If your turnover is less than £6.5million, you can file abbreviated accounts. These will only include a balance sheet and notes. However, you will have to prepare full statutory accounts for shareholders and HMRC.

Accounts Filing Deadline

• Accounts must be filed within 9 months of your accounting year end

Penalties if not submitted within the permitted time

• Not more than 1 month £ 150

• More than 1 month but not more than 3 months £ 375

• More than 3 months but not more than 6 months £ 750

• More than 6 months £ 1500
  

Corporation Tax  Return CT600

Your Corporation Tax Return can be submitted at the same time as submitting your annual account through the HMRC website. 

Corporation Tax Filing Deadline

• Corporation Tax must be filed with HMRC within 12 months of your accounting year

• Corporation on the same needs to be paid within 9 months and 1 day after the end of the account year.

Penalties apply if not submitted with 12 months

• 1 day £ 100

• 3 months another £ 100

• 6 months HMRC will estimate the company’s Corporation Tax bill + 10% penalty of unpaid tax.

• 12 months Another 10% of any unpaid tax

Annual Filing of Confirmation Statement 

You need to check that the information Companies House has about your company is correct every year. This is called a confirmation statement.

You will need to check the following:

• Make sure you have your Companies House authorisation code

• The details of your registered office, directors, secretary and the address where you keep your records

• Your statement of capital and shareholder information if your company has shares

• Your SIC code (the number that identifies your company does)

• Your register of people with significant control (PSC)

• There will be a fee of £ 13 to complete this submission.

Confirmation Statement Filling Deadline

• Must be filed within 12 months of your accounting year end or 12 months from your last submission) each company has a different, specific date for filing this statement

Penalties apply if not submitted within the permitted time

• Fines up to £ 5,000

• Companies House may seek to strike the company off if documents are delivered late.

  
  

Self- Assessment Tax Return 

The self-assessment tax year runs from 6th April to 5 April next year.

Company directors paid through their company on a PAYE basis may still have to submit a personal Tax Return. Any additional you receive will need to be accounted for on a self-assessment tax return. This may be from a second sole trading business or rental income. 

Self-Assessment Filing Deadlines

• Paper tax return midnight 31st October

• Online tax return midnight 31st January 

• Any income tax resulting from either submission method must be paid at the latest midnight 31st January

Penalties apply if not submitted within the permitted time

• 1 day late £ 100 penalty

• 3 months £ 10 per day for up to 90 days (max £ 900)

• 6 months Additional penalty 5% of the tax due or £ 300, whichever is greater

• 12 months plus Additional penalty 5% of the tax due £ 300 whichever is greater 

HMRC may levy additional penalties if they believe that the taxpayer has intentionally withheld information or is involved in tax evasion.

Penalties apply if your payment is not received within the permitted time

• 30 days 5% of tax due

• 6 months Additional penalty of

• 5% of tax due at that date

• 12 months plus Additional penalty of 5% of tax due at that date