Running your own Limited company has so many exciting benefits; being your own boss, making decisions and the sense of pride and achievement when business is going well. But that doesn’t mean it isn’t incredibly tough, stressful, and time-consuming, with a whole list of ever-changing tax laws to keep up-to-date on, filing and payment deadlines to remember, to name but a few.
So, which are the vital deadlines you need to remember for your Limited business? Here we outline requirements and deadlines to be submitted to HMRC and Companies House.
- 1. The company accounts – these need to be filed at Companies House 9 months after your year-end. This is not to be confused with the first accounts which is different.
- 2.The Confirmation Statement (previously called the Annual Return) – must be filed at Companies House 12 months after the company was first incorporated, either on the anniversary or before.
- 3. Corporation Tax – is due to be paid 9 months and one day after the company year-end.
- 4. Corporation Tax Return – this must be filed at HMRC 12 months after the year-end.
- 5. PAYE RTI (Real Time Information) Returns – to be submitted monthly.
- 6. VAT Returns – filed and paid quarterly, 1 month and 7 days after the quarter-end.
- 7. Self-assessment Tax Returns – by 31 January for the previous tax year.
- 8. Corporation Tax Return – to be filed at HMRC 12 months after the year end.
- 9. PAYE RTI (Real Time Information) returns – monthly although HMRC do not use the information in real time.
- 10. VAT Returns – filed and paid quarterly, 1 month and 7 days after the quarter end.
- 11. Self-assessment Tax Returns – by 31 January for the previous tax year.
These are strict deadlines, and failure to comply will result in your company receiving a penalty charge. To avoid this happening you could set reminders, but not just in your diary, set up multiple alerts using your Outlook calendar or smart device to ensure you allow time to complete the task accurately and avoid last minute stress. Reminders can also be set up using the HMRC Gateway for Companies House and VAT Returns.
If you would like advice or assistance with the filing and payment schedule for your Limited company, please contact us for a more detailed discussion.