Every UK limited company, irrespective of its current state (trading or dormant), must file its annual accounts with HMRC and Companies House. Both Companies House and HMRC have different deadlines and separate late filing penalties. Here’s a quick rundown of the mandatory accounting and filing related information for your company.
This article covers:
- What do you need to file with HMRC?
- What do you need to file with Companies House?
- Accounting deadlines specific to your company
- Late filing penalties by HMRC
- Late filing penalties by Companies House
- Accounting deadlines specific to individuals (self-assessment):
1. What do you need to file with HMRC
1.1. Corporation Tax Return:
Corporation Tax Return (CT 600) contains
- Details of your company’s income, tax allowances, and expenses
1.2. Statutory accounts or annual accounts:
Annual accounts include:
- Income statement – profit and loss for the respective accounting period
- Summary of financial position– statement that shows the cumulative value of a business on the basis of its capital, assets, liabilities, and reserves.
- Transaction footnotes – Details about the transaction between the directors and the company (loans or advance)
2. What do you need to file with Companies House?
You will be required to submit two documents from your annual accounts:
- Summary of financial position
- Transaction footnotes
3. Accounting deadlines specific to your company:
| SPECIFICS | DEADLINE |
|---|---|
| First-year accounts to be filed with Companies House | 21 months after the incorporation of your company |
| Annual accounts to be filed with Companies House | 9 months after the financial year end of your company |
| Pay Corporation tax to HMRC if any | 9 months and 1 day after the end of the accounting period for corporation tax |
| Company Tax Return | 12 months after the end of the accounting period for corporation tax |
| Submit VAT return | 1 month and 7 days from the end of the VAT quarter |
| VAT payments | 1 month and 7 days from the end of the VAT quarter |