Companies House – annual requirements:
File Annual Accounts
All registered companies are required to file annual accounts at Companies house within nine months after their accounting year end date. For example, a company with an accounting year end date of 31 March 2020 should file it accounts by 31 December 2020.
Company directors are also required to file the company confirmation statement each year. Late filing penalty are charged for submitting accounts late. The penalty charged depends on the length of lateness.
Her Majesty Revenue & Customs (HMRC) – annual requirements:
Companies are required to file corporation tax returns twelve months after their accounting year end date. The returns should include: Corporation tax calculation, Corporation tax return and Accounts in IXBRL format.
. It is advisable to prepare these returns earlier because Corporation tax liability is due nine months and one day after the accounting year end date. Penalty is charged for filing corporation tax returns late. Interest is also charged for paying corporation tax liability late.
Other Important filing dates:
- A personal tax return is due on 31 October for paper filing. The filing date for electronic filing is 31 January which is three months later.
- Filing of Full payment submission or Employer payment summary is due on the payroll schedule date (E.g. weekly, forth nightly, every four weeks or monthly). Late filing penalty is charged depends on the number of employees on the payroll.
Management Accounts
Business owners tend to spend most of their time to meet compliance obligations at the expense of monitoring their business development and performance. The best approach is to use technologies to speed up compliance work and focus on the business development.
Management accounts provide timely financial information that assists managers to make business decisions. Accounts are prepared based on historic financial information which could not reverse the current trend of business.
We provide management account services on a monthly or quarterly basis. This enables the business to identify its strengths and weaknesses. Our recommendation will focus on the weaknesses identified and ways to eliminate them before it is too late.
Which business structure do you choose to operate your business?
Business owners are faced with this question when they are planning to set up a business. Choosing the right legal structure can make significant difference in the success of your business.
The most common form of business structure is to operate as a Sole Trader, Partnership or limited liability company. Factors to consider before making your decision includes: the nature of your business, total overhead costs, risk and rewards, and tax implications.