With the ever-changing tax laws the life of a limited company business owner has become more complex in recent times. So, keeping on top of submissions and due tax dates are ever more important.
Failure to meet deadlines will result in automatic penalties and could even mean your company gets closed down. Furthermore, HMRC are becoming stricter in terms of money owed for taxes with interest, surcharges and debt collectors as well!
What are the main filing deadlines?
Limited Company
Company accounts – to be filed at Companies House 9 months after the year end but beware as this is different for the first accounts.
Confirmation Statement – previously known as the Annual Return this must be filed at Companies House on the anniversary of incorporation
Corporation tax – payable 9 months and one day after the year end
Corporation tax return – to be filed at HMRC 12 months after the year end
Directors / Self-Assessment
Self-assessment tax returns – Personal Tax Year run from 6th April to 5th April every year. Returns must be filed by 31 January for the previous tax year
Payroll
PAYE – Paid monthly and due the 19th of each month
VAT
VAT Returns – filed and paid quarterly, 1 month and 7 days after the quarter end
Do not underestimate the amount of effort required to get your accounts together, finalised and filed. Unfortunately, it isn’t a five-minute job, leaving things until the last minute means that there are more likely to be complications and there is no time or allowance for the unexpected.
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