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SME

Year-end
financial statements
and corporation tax

Your company is required to report its financial position to HMRC and Companies House on an annual basis. Our UK-based SME accountants are on hand to help ensure all your filing obligations are met.

Your year-end financial statements should cover your past financial year and declare your Corporation Tax Liability. Here, we can help you in the following ways:

  • Preparing your annual year-end financial statements
  • Submitting them to HMRC and Companies House
  • Preparing your Corporation Tax return and its supporting workings
  • Sending the electronic submission to HMRC
  • Preparing your audit file in preparation for your end-of-year audit (if required)

We will help you to meet this filing obligation and review your accounts with you. This will also help us to advise you of any changes that you can implement to increase your tax-efficiency.

Tax deadlines for UK companies

Download this table

Tax/other obligation

Deadline

Penalty

Corporation Tax return

12 months after end of accounting period Depends on how late:
  • 1 day: £100
  • 3 months: another £100
  • 6 months: 10% of unpaid tax
  • 12 months: another 10% of unpaid tax
  • If late more than 3 times in a row the £100 penalties increase to £500.
Corporation Tax payment 9 months and 1 day after end of accounting period (unless taxable profits over £1.5m then have to pay instalments) No penalty for late payment, but interest charged at applicable rate (3% since September 2009).
VAT (if registered) 1 month and 7 days after quarter end Surcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period.

Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding.
PAYE (if an employer) RTI return On or before payment made to an employee In year submissions:
  • Can be up to 3 days late without penalty
  • Special rules apply in numerous situations
Final submission:
  • £100 per 50 employees for each month.
PAYE payment 19th/22nd of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme

Class 1A NICs: 19th/22nd of July (if making manual/electronic payment) following the end of the tax year
Late monthly and quarterly payments:
  • 1% to 4% of late amount depending on how many more times a payment is made late
  • No penalty if only one payment is late in any tax year, unless more than six months late
  • 5% if more than six months late
  • A further 5% if still not paid after 12 months
Annual payments (e.g. Class 1A NICs and PAYE Settlement Agreements):
  • Up to three penalties of 5% of the amount that is late, depending on the length of time that the amount is not paid in full
Employment Related Securities annual returns: Eg. Form 42, EMI40, etc 6 July following the end of the tax year Depends on how late:
  • 1 day: £100
  • 3 months: £300
  • 6 months: £300
  • 9 months: £10 a day
Continued failure may also lead to daily penalties.
Employment Intermediaries quarterly returns 5 August
5 November
5 February
5 May
Depends on number of late filings in 12 month period:
  • First: £250
  • Second: £500
  • Third and subsequent: £1,000
Continued failure may also lead to daily penalties.
CIS returns 19th of each month Depends on how late:
  • 1 day: £100
  • 2 months: £200
  • 6 months: Higher of £300 and 5% of CIS deductions
  • 12 months: Higher of £300 and 5% of CIS deductions
  • Beyond this additional penalties can be up to the higher of 100% of the CIS deductions and £3,000.
ATED returns and payment Existing properties: annual return and payment due 30 April each year

New properties: return and payment due within 30 days of acquisition
Late return:
  • 1 day: £100
  • 3 months: £10 per day up to 90 days
  • 6 months: higher of £300 and 5% of tax due
  • 12 months: higher of £300 and 5% of tax due.
  • Further penalties can apply if over 12 months late and taxpayer deliberately withholds
  • information.
Late payment:
  • 30 days: 5% of tax due
  • 6 months: 5% of tax outstanding at that date
  • 12 months: 5% of tax outstanding at that date
Companies House: Annual filing of accounts 9 months after end of financial year (6 months if public company) Depends on how late:
  • Up to 1 month: £150
  • 1 - 3 months: £375
  • 3 -6 months: £750
  • Over 6 months: £1,500
Penalties are doubled if late more han 2 years in a row.

Contact our SME accounting team

South Africa

Regent Square
Doncaster Road
Kenilworth 7708
Cape Town
t: +27 (0) 21 657 2120

United Kingdom

Castlewood House
77/91 New Oxford Street
London
WC1A 1DG
t: +44 (0) 20 7759 7514

Australia

Suite 8.06
9 Yarra Street
South Yarra
Melbourne VIC 3141
t: +613 (0) 86 514 500

Hong Kong

Level 1102
The Lee Gardens
33 Hysan Avenue
Causeway Bay, Hong Kong
t: +852 3959 8681

Our phone lines are currently down for scheduled maintenance. Please email us at accounting@sableinternational.com if you need to contact us urgently.

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