Yes, end of year accounts! It’s THAT time of year again, when limited Companies are required, by Law, to submit their full ‘statutory’ annual accounts and company tax return for filing with Companies House and the HMRC. Ultimately, you can use your accounts to work out how much Corporation Tax you’re liable to pay.
Here is the breakdown of actions that need to be taken in order to not fall foul of the HMRC rules and regulations
| Action | Deadline |
|---|---|
| File first accounts with Companies House | 21 months after the date you registered with Companies House |
| File annual accounts with Companies House | 9 months after your company’s financial year ends |
| Pay Corporation Tax or tell HMRC that your limited company does not owe any | 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends |
| File a Company Tax Return | 12 months after your accounting period for Corporation Tax ends |
Your accounting period for Corporation Tax is the time covered by your Company Tax Return, which is normally the same 12 months as the company financial year covered by your annual accounts.
You can file your accounts with Companies House and HMRC either separately or together. You must file your accounts at the end of your company’s first year of trading or if you’re restarting a dormant company.
There are penalties for missing the filing dates, both from Companies House and tHMRC
Companies House penalties
| 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 |
HMRC Penalties
| Time after your deadline | Penalty |
|---|---|
| 1 day | £100 |
| 3 months | Another £100 |
| 6 months | HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax |
| 12 months | Another 10% of any unpaid tax |
Equally, If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each.
Filing your accounts and tax returns
You need to file your accounts with Companies House and your Company Tax Return with HM Revenue and Customs (HMRC).
You might be able to file them together if you have a private limited company that does not need an auditor.
| What you want to do | How you can do it |
|---|---|
| File accounts and tax return together | Use HMRC’s online service or accounting software |
| File accounts with Companies House separately | Send your accounts to Companies House online |
| File tax return with HMRC separately | Use HMRC’s online service or accounting software |
You’ll need your:
- HMRC online account details
- company registration number
- Companies House online account details
Take the stress out of filing your end of year accounts
We suspect that you’re an expert in your own field of expertise within your business, but when it comes to accounts, there’s experts on hand to help you file them correctly with Companies House and HMRC. Accountants deal with these procedures every day, and taking advice from them could help you save money, as they’re best placed to know what is claimable and what’s not!
Makinson and Co are a long established local firm of accountants in The Forest of Dean, specialising in the personal touch with both our business and personal clients.
Our principal is Craig Saunders who joined the firm straight from school in 1985. Having passed his AAT exams in Gloucester with distinction, Craig completed his ACCA exams in Newport where he was awarded college prizes including the Sir Julian Hodge prize.
If you need some help or guidance on filing your end of year accounts, then don’t hesitate to give us a call. We can help you with all aspects of your accounting, including filing your returns with Companies House and the HMRC on your behalf.
Give us a call on 01594 842 188 or take a look at our website, to see how we can best help you!
