Keeping Your Private Limited Company Compliant: A Guide to Annual Filings and Deadlines
Running a private limited company comes with important annual responsibilities. Once your financial year concludes, there are two key documents you’ll need to prepare: your full (‘statutory’) annual accounts and your Company Tax Return. These aren’t just bureaucratic hurdles; they’re essential for meeting your obligations with both Companies House and HM Revenue and Customs (HMRC), and they’re crucial for calculating how much Corporation Tax your company needs to pay.
Understanding Your Deadlines: Don’t Get Caught Out!
Missing filing deadlines can lead to penalties, so it’s vital to mark these dates in your calendar:
- For your very first accounts: These need to be filed with Companies House within 21 months of your company’s registration date.
- For all subsequent annual accounts: You must file these with Companies House within 9 months after your company’s financial year ends.
- Paying your Corporation Tax (or telling HMRC you owe nothing): This deadline is 9 months and 1 day after your Corporation Tax ‘accounting period’ concludes.
- Filing your Company Tax Return: You have 12 months from the end of your Corporation Tax accounting period to submit this to HMRC.
It’s worth noting that your accounting period for Corporation Tax is generally the same 12-month period as your company’s financial year, which your annual accounts will cover.
How to File: Together or Separately?
You have flexibility when it comes to submitting these documents. You can file your accounts with Companies House and your Company Tax Return with HMRC either together or separately, depending on what works best for your company.
Special Situations: What Else to Consider?
While the general rules cover most scenarios, there are a couple of specific situations where you’ll need to take additional steps:
- The end of your company’s very first year: There are often unique requirements when you’re navigating your initial filing period.
- Restarting a dormant company: If your company has been dormant and you’re bringing it back to active status, you’ll have specific procedures to follow to get back on track with your filings.
Staying on top of these deadlines and understanding your filing options will help ensure your private limited company remains compliant and avoids unnecessary stress. Get in touch with AccelUS.