Essential Deadlines Every Limited Company Director Must Know
Staying on top of key filing deadlines is crucial for UK limited company directors. Missing deadlines can lead to penalties, interest charges, and even the dissolution of your company. This guide covers the essential deadlines every director must know, from annual accounts and corporation tax returns to VAT and PAYE registration.
Annual Accounts Filing with Companies House
Every UK limited company must submit annual accounts to Companies House. These accounts provide an overview of your company’s financial position and typically include:
- Balance sheet
- Profit and loss statement
- Cash flow statement
- Notes to the accounts (where applicable)
Deadline:
Annual accounts must be filed within nine months of your company’s financial year-end.
First Accounts Exception:
If your company is newly incorporated, your first set of accounts may cover more than 12 months.
Example: A company incorporated on 24th August 2023 will have its first accounting reference date set to 31st August 2024, meaning the first accounts must be filed by 21 months after incorporation.
Late filing penalties: £150 for being one day late, increasing to £1,500 for delays over six months.
Corporation Tax Return (CT600)
All UK limited companies must submit a corporation tax return (CT600) to HMRC, even if no tax is owed.
Key Deadlines:
- Register for corporation tax within three months of starting to trade (including earning income or providing services).
- Pay corporation tax within nine months and one day after the end of your accounting period.
- File your corporation tax return within 12 months of your accounting period end.
First Corporation Tax Return Exception:
If your first accounting period is longer than 12 months, you may need to submit two corporation tax returns.
Late filing penalties: £100 for missing the deadline, with further fines if over three months late.
Confirmation Statement
All active UK limited companies must submit a confirmation statement to Companies House annually to verify their registered details.
Deadline:
Must be filed once a year, within 14 days of your company’s review period end.
Example: If your company was registered on 1st June 2023, your first review period ends on 31st May 2024, meaning your confirmation statement is due by 14th June 2024.
Failure to file: Companies House can strike off your company from the register, dissolving your business.
PAYE Registration
If you plan to employ staff (including yourself as a director), you must register for PAYE (Pay As You Earn) with HMRC.
Key Points:
- Register before the first planned payday.
- Allow up to 15 working days to receive your PAYE reference number.
- Failure to register: Can result in late payroll filings and compliance issues with HMRC.
VAT Registration
Your company must register for VAT if:
- Your VAT taxable turnover exceeds £85,000 in the past 12 months, or
- You expect to exceed this threshold within the next 30 days.
VAT Registration Deadlines:
- If you’ve already exceeded the threshold: Register within 30 days of the end of the month you went over.
- If you expect to exceed it soon: Register by the end of that 30-day period.
- Late registration penalties: Potential backdated fines and interest charges on unpaid VAT.
Are you being tax efficient?
Checkout our comprehensive Expenses Explained booklet detailing allowable expenses for limited companies. Covering wages, insurance, rent, maintenance, travel, advertising, and more, it’s your ultimate guide to maximising deductions and optimising finances. Get clarity on claimable expenses today!
Consequences of Missing Deadlines
Missing important filing deadlines can have severe financial and legal repercussions, including:
- Automatic fines for late annual accounts and tax returns.
- Interest charges on unpaid corporation tax.
- Company strike-off if a confirmation statement is not filed.
- Backdated VAT charges for failing to register on time.
Consequences of Missing Deadlines
Missing important filing deadlines can have severe financial and legal repercussions, including:
- Automatic fines for late annual accounts and tax returns.
- Interest charges on unpaid corporation tax.
- Company strike-off if a confirmation statement is not filed.
- Backdated VAT charges for failing to register on time.
Work with striveX today
At striveX®, we specialise in helping UK limited companies manage their finances with confidence. Whether you need advice on directors’ loans or support with company accounts, our experienced team is here to assist.
