Wisteria Accountants

When setting up a company, there are a number of deadlines that you should be aware of for the statutory requirements and filings with Companies House and HMRC. It is important that all of these obligations are met as and when they arise, to avoid the potential punishments of having fines imposed of even your company struck-off. Late filing, in addition to incorrect or incomplete filing, can cause ambiguity with the relevant authorities on the trading status of your company.

One of the important deadlines you need to be aware about shortly after company registration is thatn relating to corporation tax. It is important you inform HMRC within three months of starting your company. Shortly after formation, HMRC will send you a New Company Details (CT41G) form accompanied with details about corporation tax. By filling in this form completely and returning it, you are informing HMRC of your basic company details for corporation tax purposes. It should be noted that even if your company is not trading, the CT41G should still be completed with the relevant insert to inform HMRC of your company’s dormant status.

A company is also required to submit a set of annual accounts to Companies House, which provides a snapshot of the financial health of the company. The first sets of accounts are due on your accounting reference date – the end of your company’s financial year. Your company’s first financial year will end 12 months after formation, ending on the last day of the month that the company was incorporated.

The second statutory filing with Companies House is the company’s annual return. This is a form with Companies House that outlines all the details and information of the limited company: directors’ details, shareholders’ details, the registered address etc. The annual return must be submitted to Companies House within 28 days of the return date. Usually, the company’s return date is the anniversary of incorporation. Failure to file the annual return on time is an offence, and can lead to fines or the company being struck-off.

When a company is registered for VAT, it is important they are aware of when their company’s VAT return is due. A company is only legally required to register for VAT when their taxable turnover exceeds the level of £73,000 for the past 12 months. You are responsible for calculating how much VAT you need to pay HMRC. The deadlines for the completion of your VAT return and payment of money owed will vary depending on te method of payment, but usually the due date is about one-month after the end of the VAT period.

Similarly, it is important that you are aware of when your PAYE/NIC payments are due with HMRC. The due dates will vary depending which quarter or month you are calculating the payments for. Payment is dued by the 19th day of the month; though an accurate list of payment deadlines can be found on the HMRC website. It is important that you make these payments on time, as failure to do so will lead to the company incurring interest and penalty charges.

If you have any further questions on important deadlines for you and your company, please call one of Wisteria’s experts on 020 8952 0140.