UK SME accounting deadlines explained

UK SME accounting deadlines explained

If you run a private company in the UK, you must prepare two documents at the end of the financial year: Statutory annual accounts and a Company Tax Return.

HMRC puts various deadlines in place for both of these documents. In most cases, they relate to the period after which you either registered your business with Companies House or the end of your business’s financial year.

Filing your first accounts

After you register with Companies House, you have 21 months from your registration date to file your first accounts. This grace period is different from subsequent financial years when you will have less time to register.

File annual accounts with Companies House

Laws in the UK state that private businesses must file annual accounts with Companies House, including key details of their financial position for the year. For private limited companies, these accounts are visible to the public online and can be searched at any time. You have 9 months to file these accounts after the end of your company’s financial year.

Pay corporation tax to HMRC

You have a total of 9 months and 1 day to pay any corporation tax owed to HMRC after your tax year ends. If you do not owe any tax, you must tell HMRC that you do not within this time period. If you do not, then the tax authority will issue a statutory penalty.

File a company tax return

While you have to pay HMRC any tax you owe within 9 months and 1 day, you have more than 12 months to file your company tax return after your accounting period ends, stating any corporation taxes you owe.

Calculating your company’s financial year

Because people set up companies at different times of the year, the times when you need to file will vary. Usually, the cadence follows your company’s financial year, so you’ll need to enter key dates into your diary. HMRC will also remind you of these in the post.

Remember, you need to take additional steps if you restart a dormant company, telling HMRC that you are trading again. Limited company accounting services can help in all these matters, ensuring that you never miss a deadline.

If you’re a Manchester based business in need of accounting services Contact us to see what support we can offer you.

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