So, your to-do list is already overflowing, and the last thing you want to be worried about is when to file taxes, submit business documentation to HMRC, or meet the countless looming accounting deadlines.
However, for most business owners, there’s no choice but to do these things.
With the new tax year in mind, this guide will inform you of the most important filing deadlines and the actions they require on your behalf.
It’s also important to keep in mind that every business is unique, and no two year-ends are the same. You’ll therefore need to keep this in mind and apply our advice to the dates relative to your tax submissions (this information can be found on your company’s house record).
Oh, and remember – if you have an accountant, the likelihood is that they’ll be able to complete all this hard work for you!
Regulatory requirements for accounts and reports
Private companies must file their accounts and reports within nine months of their accounting reference period.
This is a date to keep firm in your diary or to-do list.
Filing first accounts with Companies House
Just started a new business? How exciting! However, there is one seriously important task you’ll need to undertake once it has got off the ground, which is to file your first set of accounts.
It’s pretty simple to do (particularly if you have an accountant). For all companies, the first set of accounts must be completed 21 months after the date in which you registered your business with the Companies House.
Filing annual accounts with Companies House
If you’re running a limited company, every year you’ll need to file your annual accounts with companies house.
Once again, your accountant will look after this for you, but it pays to know the filing deadline, which is nine months after your company’s financial year ends. This varies by company and is typically the date during which you began trading – but double check with Companies House if you’re unsure.
Filing a company tax return
This is due 12 months after your accounting period for Corporation Tax ends. Simple.
Accounting periods for corporation tax
Your ‘accounting period’ for Corporation Tax is the time covered by your Company Tax Return.
This needs to be no longer than 12 months, and it’s the same as your company’s financial year end and the date you work towards for your financial accounting period.
Paying corporation tax or informing HMRC of your corporation tax
One of life’s certainties is tax – there’s no escaping it. And, when you run a limited company, you’ll need to pay corporation tax on the profits you make every single year.
To avoid penalties from HMRC, this must be completed nine months and one day after your ‘accounting period’ for Corporation Tax ends.
Typically, VAT returns are due one month and seven days after the end of an accounting period.
Most companies prepare a VAT Return quarterly, however some may have elected for monthly or annual returns, so again please check with your accountants.
Personal tax returns
When it comes to tax, it isn’t just about your business’s obligations – there’s personal tax to take into account, too.
The last tax year for individuals started on 6th April 2021 and ended on 5th April 2022. This means that all personal tax returns must be filed online by the 31st of January following the end of the tax year.
Some business owners file their own personal tax returns, but if you have an accountant working on your business financials, it pays to have them undertake your own tax return, too.
Personal Tax Payments
You may have heard the term ‘payment on account’. These are advance payments made towards your overall tax bill. You must make two payments on account every year unless:
- your last Self-Assessment tax bill was less than £1,000; or
- you’ve already paid more than 80% of all the tax you owe (for example through your tax code or because your bank has already deducted interest on your savings).
Keep in mind that each payment on account is technically half of your previous year’s tax bill. These are due on the 31st of January and 31st July.
One of the lesser-known filing deadlines for businesses is something called the ‘confirmation statement’.
This is due a year after the date your company was incorporated, or a year after you filed your last confirmation statement. Just remember that you can file a confirmation statement up to 14 days after the due date – but it’s always best to stick to deadlines.
There’s nothing worse than missing an HMRC filing deadline, so if we’ve raised any questions or you need help or support with filing deadlines, please get in touch with the friendly Trinity team, today.