Companies House and HMRC – don’t miss the deadlines!

Owners of many smaller private limited companies are often so busy with the day to day running of their business that they can lose sight of important Companies House and HMRC deadlines and requirements. Outsourcing Bolton accountants can help you hit those deadlines.

Nicola Roby, Director at CHW Small Business Accountants based in Bolton sets out a brief summary of key dates and why it is important that you have professional experienced Bolton accountants taking care of these matters on your behalf.

After the end of the financial year, your private limited company must prepare full (‘statutory’) annual accounts and a Company Tax Return.

These accounts must be filed with Companies House within 9 months of the end of the financial year.  Any Corporation Tax due must be paid to HMRC within 9 months and 1 day after the end of the accounting period for Corporation Tax and the Company Tax Return must be filed within 12 months after the end of the same date.

If your accounts are not filed at Companies House by the deadline, you will have to pay a penalty which is £150 for accounts up to a month late, rising to £1,500 for accounts which are over six months late.  If your Company Tax Return is not submitted to HMRC on time the initial penalty is £100 and increases with time.

When accounts are not filed on time there can be other adverse effects for example on the credit rating of the business or the commercial image of the company, and regular late filing of company accounts and or tax returns may cause concern with HMRC. This could increase the likelihood of an enquiry. It’s important, therefore, to file on time with all the relevant authorities.

It is not sensible to leave matters until the last minute for other reasons other than penalties. For example, where bonuses are payable, to be eligible for tax relief they must be paid within 9 months of the end of the accounting period so completing computations at the last minute could lead to additional Corporation Tax and also cash-flow problems.

Whilst companies should complete their accounts in good time, they can of course choose not to file them until the deadline where they contain commercially sensitive information and this is something about which your accountant could discuss with you.

It can be easy to not take any holidays as a new business owner, especially with deadlines to meet which could have serious consequences. All work and no play could lead to burn out meaning you’ll have to take more time off to recover.

Further, a Confirmation Statement (previously known as the Annual Return) must be filed at Companies House least once a year, even for dormant companies.  This is a report which confirms that the information which Companies House has about your company is up to date. Failure to submit this report can have serious consequences. The registrar might assume your company isn’t carrying on business and take steps to strike it from the register and if this happens your business ceases to exist and its assets become Crown property.

Also, the company directors and any other officers could be prosecuted because failing to submit the Confirmation Statement on time is a criminal offence.

CHW Small Business Accountants are a leading firm of accountants and business advisors Bolton. We have a highly skilled and experienced team of experts dealing with all aspects of small business accountancy.  Get in touch and let us look after your accountancy requirements and manage your filing deadlines so you can concentrate on what’s really important in your business.

For more advice and information please contact Nicola Roby on 01204 534031 or via email at nicola.roby@chw-accounting.co.uk


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

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