ACCOUNTS AND TAX RETURN: This guide explains what documents to send and the procedures for filing tax returns.
There is further information on the rules for tax corrections, amendments, and meeting deadlines.
The accounts and tax returns for private limited companies are annual. They take place after the end of the company’s financial year.
Once the financial year is complete, running a private limited company means preparing full ‘statutory‘ annual accounts and Company Tax Returns.
Note: A different section explains how to prepare annual accounts for a private limited company in the United Kingdom.
Company accounts and tax return must meet the deadlines for filing with Companies House and HM Revenue and Customs. The same accounting information can also help you work out how much Corporation Tax you need to pay.
|Accounts and Tax Returns Action||Deadline for Filing|
|File first set of accounts with Companies House||21 months after the date you first registered with Companies House|
|File the annual accounts with Companies House||9 months after the end of the company financial year|
|Pay Corporation Tax (or inform HMRC if none owed by the private limited company)||9 months and 1 day after the end of your ‘accounting period’ for Corporation Tax|
|File a Company Tax Return||12 months after the end of your accounting period for Corporation Tax|
Note: The Corporation Tax accounting period is the time covered by the Company Tax Return. As a rule, it is the same 12 months as the company financial year covered by annual trading accounts.
Filing Company Accounts Online
Filing accounts and tax returns for private limited companies at Companies House and HM Revenue and Customs can occur together.
But, there are times when you must carry out some extra steps such as:
- Your limited company’s first accounts and Company Tax Return.
- Restarting a non-trading or dormant limited company.
More Time to File Accounts at Companies House
There are times when Companies House will extend the deadline for filing company accounts. As a rule, they will give you more time if both of these apply:
- You were unable to control an event that stopped you sending in your accounts.
- Your application for more time took place before the filing deadline.
You should send an email or write a letter if you need more time to file accounts at Companies House. You must explain what happened and how much extra time you need to file the accounts.
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Note: There are penalties for late filing of accounts and tax returns for private limited companies in the UK.
How to File Accounts and Tax Return
Company accounts get filed with Companies House. Whereas, you file Company Tax Return with HM Revenue and Customs (HMRC). These are standard business tax rules and trading regulations for small businesses.
Even so, those who run private limited companies often file them together. As a rule, that only takes place if the company meets the audit exemption for private limited companies.
- To file accounts and tax return together: Use the HMRC online service or accounting software.
- To file accounts with Companies House separately: Send your accounts to Companies House online.
- To file a tax return with HMRC separately: Use the HMRC online service or accounting software.
Using these online service means you will need:
- HMRC online account details.
- Company registration number.
- Companies House online account details.
Accounts Correction and Amendment
There are several different steps for correcting accounting errors. Owners of private limited companies must check the relevant processes for:
Using an Accountant or Tax Adviser
You can use accountants or tax advisers to file company accounts online and deal with Corporation Tax. They can also send in your tax returns for you. In cases such as these, you should:
- Provide your accountant or tax adviser with your Companies House authentication code. That allows them to file your business accounts on your behalf.
- Appoint a tax agent to file your Company Tax Returns for you.