As a director of your Limited company, you have a responsibility to ensure your company meets its Statutory Filing deadlines. Your Orange Genie Accountant will do everything they can to ensure you know when the deadlines are coming up and ensure you don’t incur unnecessary fees and penalties by missing them. Below are some important dates for your diary:
Your Annual Accounts & Corporation Tax Return (CT600) need to be filed online with HMRC within 12 months of the year end. Companies House require a copy of the Annual Accounts within 9 months of the company yearend. (Earlier dates may apply to the first year). Penalties apply for returns submitted late to HMRC and Companies House.
Payment of Corporation Tax is due nine months after the year end. (Earlier dates may apply in the first year). Interest will be charged on late payments.
Companies House Confirmation Statement
Prepared at the anniversary of the company’s incorporation, it is then due 28 days after this date and records the details of all officers and shareholders of the company along with details of the registered office address and shareholdings.
If VAT registered, VAT Returns and payments are due to be filed and submitted electronically at the end of the month following each quarter.
As an example:
Quarter ending 31st March > due by 7th May
Quarter ending 30th June > due by 7th August
Quarter ending 30th September > due by 7th November
Quarter ending 31st December > due by 7th February
Deciding your payroll
You will need to decide how much salary you intend to take from your company. Your accountant will contact you about this and will need your confirmation between 8th February and 26th March.
If you are taking a salary from your company or paying another employee, you will need to open a PAYE scheme and ensure that returns are made under the RTI system.
PAYE payment submissions (FPS & EPS) are due to HMRC on or before each employee’s payment date.
PAYE/NIC deductions from salary should be paid no later than the 22nd of the end of the month/quarter, if paying electronically.
Assuming that the company is eligible for quarterly payments they will be due by:
Quarter ending 5th April > payment due by 22nd April
Quarter ending 5th July > payment due by 22nd July
Quarter ending 5th October > payment due by 22nd October
Quarter ending 5th January > payment due by 22nd January
* If you are not paying electronically the payments are due three days earlier.
P11d and P11d(b) are due after the end of each tax year. They should reach HMRC by 6th July after the end of the tax year.
Class 1A NIC relates to National Insurance on certain benefits in kind such as company cars. If this applies the payment is due by 22nd July following the end of the tax year.
Your self-assessment tax return must be submitted by midnight on 31st January following the year end. For example, the return for tax year ending April 2023 must be submitted by 31st January 2024. However, it’s always better to submit your tax return in plenty of time, as leaving it to the last minute can create problems.
The first payment on account for the current tax year, and the balancing payment for the previous year are also due on 31st of January.
A second payment on account for the current year will be due on 31st July.
Your personal tax return questionnaire
This is designed to ensure your accountant has the information they need to submit your personal tax return. Your accountant will contact you about this, and will need your completed questionnaire between 1st May 2023 and 31st October 2023.
To find out more about your filing deadlines, or to see how Orange Genie Accountancy can help you and your business, please call us on 01296 468 185 or email email@example.com