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What to file and when to file it

What to file and when to file it
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What to file and when to file it

Matt Williams, a partner in Critchley’s business team, steers new businesses through the choppy waters of knowing what to file and when.

Each business must file several documents throughout the year, and on time to avoid paying penalties. These will be to two organisations; Companies House, which wants to know the structure of your business, and HMRC, the organisation you pay corporation and personal tax to.

First things first

Imagine you set up a business on January 1, 2017. Each year from 2018 onwards, you have to file a compliance statement, which is a public record of who the directors and shareholders are, fourteen days after the anniversary of that date. If you fail to file that Companies House can apply to have your company struck off.

A biggie - Annual Accounts

Companies House also needs to see Annual Accounts to the end of the month one year after you incorporated. The accounts would, in our case, be for January 1, 2017 to January 31, 2018 and that form would need to be filed by October 1, 2018.

If you are late with this information then you pay a penalty which will increase as it gets later. If you are late again the following year double is charged.

Corporation Tax payment

This is due nine months and one day after the year-end – November 1, 2018 in our case as it covers our incorporation on January 1, 2017 to January 31, 2018. Interest is charged on late submission of this and there is a flat rate payment as well.

Director’s self-assessment

As a company director, or if you are a sole trader or in a partnership, you also have to deal with HMRC as an individual. That deadline is January 31, whatever the date was when you started, and covers the period from April 6 to April 5.

So, in our example, we started on January 1, 2017. On January 31, 2018 we would submit our self-assessment for the period covering January 1 – April 6, 2017 and, again, penalties will apply if you are late with that payment.

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