Don’t incur tax or accounts penalties and interest
Are your accounts due now?
Many businesses have financial year ends in March and April and if that is you – your accounts are due for filing very shortly, and Corporation Tax (“CT”) due on your profits is payable at the same time.
If your year end is December, your company’s accounts and Corporation Tax return are due for filing this month. You should have paid the tax due 3 months ago!
However small your business is, each and every year you need to file year end documents with both HMRC and Companies House.
HMRC
Accounts
Corporation Tax return
Companies House
Accounts
Confirmation statement
If you don’t file on time there is a hefty penalty regime. At Anytime we help our clients ensure they don’t incur unnecessary fines, penalties and interest.
HMRC expects your Company Tax Return and Annual Accounts
Any Corporation Tax (“CT”) due on your company’s profits needs to be paid to HMRC within nine months and one day after each accounting period. Anytime will advise you when to pay your tax bills. So if your company year end was 31 March, the tax must be paid by 1 January.
The filing deadline for your company’s accounts and Corporation Tax return is 12 months after the end of the accounting period they cover.
Late filing penalties issued by HMRC
1 day £100
3 months £100
6 months HMRC will estimate your CT bill and add a penalty of 10% of the unpaid tax
12 months Another 105 of any unpaid tax
If your tax return is late 3 times in a row the £100 penalties are increased to £500 each
Companies House also require your company’s Annual Accounts and these will be published on the Companies House website.
The deadline for filing is 9 months after your year end (within 21 months of your company being incorporated if it’s your first return)
Late filing penalties issued by Companies House
Up to a month late £150
1-3 months late £375
3-6 months late £750
Over 6 months late £1,500
If you file late 2 years in a row penalties double
You can be fined and your company struck off at Companies House if you don’t send them your accounts on time.
For further advice existing clients email us at support@anytime.uk.com or call 03333 110 230
For new enquiries contact us now
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