Upcoming Annual Accounts & Corporation Tax Payment Filing Deadline
For many companies, an important deadline is fast approaching. The 30th of September marks the filing deadline for companies with a December year end, so it is integral that your Annual Accounts and Corporation Tax Payments are prepared and ready to be filed with Companies House and HMRC respectively. You risk falling victim to financial penalties if you fail to meet your deadline. Notably, the above also applies to dormant companies too, so it’s important you do not get caught out.
How to File Your Annual Accounts and Corporation Tax Payments
Typically, submitting these documents is done separately; You will need to file the annual accounts through Companies House and the Company Corporation Tax Return through HM Revenue and Customs. However, it is possible to file them together so long as you have a private limited company that does not need an auditor.
If you need any support for filing annual accounts or tax returns, and want to explore the most practical options for your company, please do not hesitate to reach out to us.
When Are Annual Accounts & Corporation Tax Payments Due?
The steps you should take when looking to submit the relevant documentation:
- If you are looking to file annual accounts with Companies House, then all relevant documents must be submitted for filing and received before the deadline, which is nine months after your company’s financial year ends. There are multiple ways in which you can file these accounts; One way is through the Companies House service. If using the Companies House service, you’ll need to make sure that you have a Companies House password and authentication code. Alternatively, you can register for online filing, or you are also able to file via an approved, third party software, such as Xero. Please note, whilst you can also post your documents, this makes the process much longer.
- If you are looking to pay corporation tax or notify HMRC that your limited company does not owe any, then this must be submitted for filing and received before the deadline, which is nine months and one day after your company’s ‘accounting period’ for corporation tax ends. You can do this using HMRC’s online service or accounting software. Alternatively, if the aforementioned option is not viable, you can also try calling the HMRC helpline.
- If you’re looking to file a Company Tax Return, then this must be submitted for filing and received before the deadline, which is twelve months after your ‘accounting period’ for corporation tax ends. You can do this using HMRC’s online service or accounting software.
Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It is normally the same 12 months as the company financial year covered by your annual accounts. Accounts and Tax for PLCs (Gov.UK)
Why You Need to Meet Your Annual Accounts and Corporation Tax Payment Filing Deadlines
As aforementioned, you need to make sure that the documents are received by the correct governing body before the deadline or else you will face financial penalties. If your documents are up to a month late then you would incur a £150 cost, between one to three months late and you will be fined £375, between three to six months late and this increases to £750. Finally, if it is later than six months you will be charged £1500. The penalty is then doubled if your accounts are late two years in a row!
Prepare annual accounts for a private limited company: Penalties for late filing – GOV.UK (www.gov.uk)
How Goodwille Can Help You Meet Your Annual Accounts and Corporation Tax Payment Filing Deadlines
Any client for whom we are Company Secretary, or for those we offer financial services to, we will handle or prompt to ensure that the correct documentation is ready to be submitted for filing. In regards to our clients that do not subscribe to our Finance or Governance services, they are able to reach out to us if they are in need of assistance with this.
If you would like more information on how Goodwille can assist you in this area, then please feel free to reach out to our Finance or Governance Team through Dom Morris and Philip McCarron respectively. What’s more, if you’d like more information on how Goodwille can help you establish a UK subsidiary then please explore our website further or contact our marketing manager, James Service.