A number of startup clients have asked for deadlines of when they need to complete their records and file returns and I have produced a spreadsheet which summarises these for them but a little explanation may be of assistance.
The starting point is the date of incorporation, when the company was formed at Companies House. This triggers a requirement to file 2 documents at Companies House every year:
- Annual return – this is an annual summary which should be prepared to the anniversary of the date of incorporation, this confirms details of directors, shareholding and registered office
- Accounts – for smaller companies an abbreviated copy can be filed which excludes some of the detail disclosed in a full statutory set of accounts. This must be submitted within 9 months of the year end, or for the first submission 21 months from the date of incorporation
There is also a submission and a payment due to HMRC:
- Corporation tax return – this must be filed with HMRC within 12 months of the year end
- Payment of corporation tax – this must be paid within 9 months of the year end to avoid interest becoming due
You will note that despite the corporation tax becoming due 9 months from the year end the tax return is due 12 months from the year end. To ensure clients have the maximum warning of their tax bill and indeed final accounts recording their performance in the last year we aim to complete company accounts within 3-4 months of the year end.
This only covers the basic situation and not matters such as changes of year end date so you should seek professional advice before taking any steps based on the information shown. If you would like a copy of the spreadsheet for your business, or advice other areas feel free to call. Alastair Wood, AW Accounting, Gravesend, Kent – Accountants who “speak your language”