TAX PLANNING ACCOUNTING SERVICES SELF ASSESSMENT QUICKBOOKS

FREE CONSULTATION

We would be delighted to discuss your accountancy and tax-related needs with you and would want you to do so without feeling

NEW BUSINESS START-UP

Our level of assistance in this area will be influenced by the amount of preparation that you’ve put into planning your new business.

TECHNOLOGY AND DIGITAL ACCOUNTING

The way that HMRC receives information and that tax returns will be submitted in the future is changing. Here at Michael D Nichols

Financial Diary

Accounts and tax returns for private limited companies

After the end of its financial year, your private limited company must prepare:

full (‘statutory’) annual accounts
a Company Tax Return

You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC).

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 doesn’t 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. It’s normally the same 12 months as the company financial year covered by your annual accounts.

Self Assessment tax returns - deadlines

HMRC must receive your tax return and any money you owe by the deadline.

Self Assessment	Deadline
Register for Self Assessment	5 October
Online tax returns	Midnight 31 January
Pay the tax you owe	Midnight 31 January

There’s an additional payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).

You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse.

VAT Returns - deadlines

Check your VAT Return and payment deadlines in your VAT online account.
Your VAT online account tells you:

when your VAT Returns are due
when the payment must clear HM Revenue and Customs’ (HMRC) account

The deadline for submitting the return online and paying HMRC are usually the same - 1 calendar month and 7 days after the end of an accounting period. You need to allow time for the payment to reach HMRC’s account.