When overseeing your Limited Company, you'll encounter various accounting and administrative responsibilities. These include maintaining your accounts, handling VAT and payroll, and submitting your self-assessment tax return. While some tasks demand regular attention, there are key annual dates crucial for complying with HMRC regulations.
The following list, though not exhaustive, highlights essential dates to mark on your calendar, along with general advice for effectively managing your company accounts throughout the year:
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Set-up
- Filing Your First Accounts: After registering with Companies House, you typically have up to 21 months from registration to file your initial accounts. These include a balance sheet, profit and loss account, cash flow statement, director's report, and possibly an auditor's report.
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Annual / Year-End Company Accounts
- Annual Accounts & Corporation Tax: Submit your company's annual accounts to Companies House within 9 months of your financial year-end. Pay corporation tax or inform HMRC if no tax is owed within the same period.
- Company Tax Return: File your Company Tax Return with HMRC within 12 months of your financial year-end.
- Confirmation Statement: Annually, submit a confirmation statement to Companies House updating information about directors and shareholders.
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Annual Personal Accounts
- Self-Assessment Tax Return: Before January 31st each year, report personal income, including salary and dividends, through a Self-Assessment Tax Return for the previous tax year.
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Regular Trading Responsibilities
- Payroll: At the start of each tax year (April 6th), submit your company's end-of-year payroll return to HMRC. Additionally, submit real-time information (RTI) to HMRC every time you pay employees.
- VAT: Register your business for VAT if taxable turnover exceeds the annual threshold in a rolling 12-month period. Submit a VAT Return to HMRC every 3 months, even if there's no VAT to pay or reclaim.
For smooth operations, it's advisable to submit files and tax returns well in advance of deadlines. This proactive approach allows sufficient time for preparation, ensuring you never miss crucial submission dates. RFNG's expert contractor accountants are ready to assist you from the initial set-up through ongoing trading and expansion, making the entire process more manageable.