What are important dates every limited Company should know?
You’ve set up your limited company and now have a list of important company dates. You might be unsure what these dates mean or what happens if you miss them. But don’t worry! In this article, we’ll explain the key company dates, explore the consequences of missing them, and show how we can assist you in staying compliant.
Confirmation statement dates
The confirmation statement is an annual filing requirement for all active limited companies. Its purpose is to confirm that the information held by Companies House is current and accurate.
Example:
- You register a company on 01/08/2024.
- The statement date is set for 31/07/2025.
- The review period covers 01/08/2024 – 31/07/2025.
- You must file the confirmation statement by 14/08/2025 (the due date).
- The next confirmation date will be 31/07/2026, with a filing deadline of 14/08/2026.
The statement date is the date up to which your confirmation statement must report. It’s automatically set as the anniversary of your incorporation, minus one day.
For a company’s first confirmation statement, the review period runs from the incorporation date to the statement date. However, for subsequent statements, the review period covers the last statement date up to the next one.
The due date for filing your confirmation statement is 14 days after the statement date.
You can also file an early confirmation statement if needed. For instance, if there’s been a change in shareholding, you might want to notify Companies House. Filing early is allowed but will adjust the statement date for the following year.
Confirmation statement penalties
If you miss the statement due by date, you are violating the Companies Act 2006, and therefore breaking the law. As a result, company officers could each face fines of up to £5,000. Moreover, your company may eventually be struck off the register.
Fortunately, this doesn’t happen immediately. However, if you do let the deadline pass, it’s essential to act swiftly. By doing so, you can avoid hefty penalties and prevent your company from being closed down.
Annual account dates
Annual accounts are a mandatory filing requirement containing a company’s financial information. Whether your company is trading or not, you must still file annual accounts with Companies House and HMRC. If your company has never traded, you can file dormant company accounts instead.
You must submit annual accounts to Companies House by the due date. The first set of accounts is due 21 months after your incorporation date, while subsequent accounts must be filed within 9 months of the accounting reference date (ARD).
Example:
- You register a company on 01/08/2024.
- The accounting reference date is 31/08/2025.
- You must file your first set of annual accounts by 01/05/2026 (the due date).
- The next accounting reference date is 31/08/2026, with accounts due by 31/05/2027.
The accounting reference date determines the period your annual accounts should cover. It’s usually set as the last day of the month of incorporation.
You may choose to change your company’s accounting reference date; however, doing so will affect your company’s financial year.
Annual account penalties
If you miss the accounts due by date and fail to act, you are breaking the law and will face a late filing penalty. Furthermore, the penalty amount depends on how late the accounts are filed, with fines potentially reaching £1,500. In addition, the penalty doubles if you file late two years in a row.
Moreover, choosing not to file at all can lead to company closure and possibly criminal prosecution. Therefore, it is essential to meet these deadlines to avoid such serious consequences.
Corporation Tax and Company Tax Returns
If your company is trading, it’s important to understand Corporation Tax, Company Tax Returns, and the associated deadlines. This is essential because all UK companies must pay Corporation Tax on their profits.
A Company Tax Return is a report that you must produce to outline how much Corporation Tax your company owes. It’s crucial to note that Corporation Tax must be paid before you submit the Company Tax Return.
Here’s what you need to know:
- You must register for Corporation Tax with HMRC within 3 months of starting to trade.
- You need to pay Corporation Tax within 9 months and 1 day after the end of your accounting period.
- You must prepare and file a Company Tax Return with HMRC within 12 months after the end of your accounting period.
Meeting these deadlines will ensure you stay compliant and avoid penalties.
Corporation Tax and Company Tax Return penalties
The penalty for late payment of Corporation Tax depends on the amount of outstanding tax, referred to as ‘potential lost revenue’. However, HMRC will consider any ‘reasonable excuse’ you may have for missing the deadline.
If you miss your Company Tax Return deadline, you will have to pay a £100 penalty, which increases depending on how late the filing is and how frequently you miss deadlines. Therefore, staying on top of these deadlines is crucial to avoid escalating penalties.
Important information about your Corporation Tax accounting period
Your accounting period for Corporation Tax begins on the day your company starts trading. This date might differ from your company’s incorporation date. The accounting period ends on the accounting reference date (ARD).
However, the accounting period cannot exceed 12 months. If you started trading in the same month your company was formed, you will need to prepare two Company Tax Returns. One return will cover the first 12 months, while the second will cover the additional month.
Example:
- You register a company on 01/08/2024.
- You start trading on 01/08/2024.
- Your first accounting period runs from 01/08/2024 to 31/07/2025 (covered in the first tax return).
- The second accounting period runs from 01/08/2025 to 31/08/2025 (covered in the second tax return).
- After that, the next accounting period will be from 01/09/2025 to 31/08/2026, covering 12 months, so you will only need one tax return for this period.
By following this structure, you can ensure proper reporting and compliance with HMRC.
Where to view your company dates:
If you formed your limited company with Startxpress, you can view your confirmation statement and annual account dates through your online company operating system.
However, if you didn’t form your company with Startxpress, you can still locate these important dates at Companies House.
For your Corporation Tax and Company Tax Returns, you can view key information through your Government Gateway account. (if you haven’t got an account yet, this will be created when you register for Corporation Tax).
Do you have any other questions?
Tracking essential dates like confirmation statement deadlines, annual account submissions, and Corporation Tax payments is crucial for maintaining compliance with HMRC and Companies House regulations. Missing these deadlines can result in penalties or even lead to company closure.
For more comprehensive advice on compliance, visit the Startxpress Help Center and Blog. If you require further support, don’t hesitate to reach out via email at support@startxpress.io. We’re here to help you stay on track!
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