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In the last part of this blog series we’ll look at the key dates that as a director of a limited company, you will need to know to avoid any penalties:

 

Key dates for limited company fillings

 

  • Confirmation statement – This needs to be filed every 12 months after your company formation or 12 months after your last confirmation statement was filed.

 

  • Company Tax Return – This is due at the end of your accounting period (normally at the end of the month 1 year after your company’s incorporation). If it’s your first Company Tax Return, you will need to cover 13 months, which means you have to file 2 Company Tax Returns. For the following years, you normally only need to file one Company Tax Return.

 

  • Corporation Tax – You will need to pay corporation tax 9 months and 1 day after the end of your accounting period.

 

  • Company annual accounts – You must file your annual accounts at the end of every financial year regardless of your company’s performance or if you’re trading or not or even dormant.

 

Key dates for limited company tax

 

  • Self-assessment tax – As a limited company director you must register before 5th October and submit your self-assessment tax return by 31st October for paper returns or 31st January for online returns. If you want to pay tax through your employment or pension income, you will need to submit your tax return before 30th December.

 

  • Tax Payment – You will need to pay your tax and your first payment on account (if required) on the 31st of January. Your second payment on account is due on 31st July.

 

  • Penalties and interest charges – Any penalties and charges from the previous year’s self-assessment tax return will be applied on the 1st of March. Daily late filing penalties from the previous year’s self-assessment tax return will be applied on the 30th of April.

 

  • New tax year – 6th of April is when the new tax year starts. This means any new tax rates will come into effect from there on in.

 

Key dates for VAT registered limited companies

 

  • VAT Returns – VAT returns need to be completed by the dates set out by HMRC, which are every 3 months.

 

Key dates for limited companies with employees on payroll

 

  • Registered Payroll benefits and expenses – You must register payroll benefits and expenses for the current tax year by the 4th of April.

 

  • PAYE and National Insurance – You must pay what you owe in both PAYE and National Insurance by the 22nd of each month if you submit them digitally or the 19th of each month if you submit them by post.

 

  • P60 – You must give each of your employees a P60 which contains details of their payroll benefits for the past tax year by the 31st of May.

 

Now that you know the key dates of actions you need to take as a director of a limited company you should add them to your calendar to make sure they are not forgotten You can find more information about limited company accounts and taxes on the government’s website here if you require any more information on the above.

 

If you’re ready to start your own limited company, click here to make sure your business name is available to register.