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Annual Financial Statements and tax returns

Your company must report its financial position to HMRC and Companies House each year in an annual financial statement. Our UK-based SME accountants are on hand to help ensure you meet all filing obligations.

Year-end financial statements

Your year-end financial statements should cover your past financial year and declare your Corporation Tax liability.

We can help you in the following ways:

  • Prepare your annual year-end financial statements

  • Submit them to HMRC and Companies House

  • Prepare your Corporation Tax return and its supporting workings

  • Send the electronic submission to HMRC

  • Prepare 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 return 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.
Money Transfers

Personal tax returns

Do you have rental income or any other sources of income that you need to declare on your personal tax returns? Do you know how to prepare personal tax returns?

We can help you with your tax matters by assisting you with the following:

  • Preparing sole trader accounts
  • Preparing partnership accounts
  • Preparing personal tax returns
  • Preparing partnership tax returns
  • Filing these returns online
  • Advising on tax liability and due dates

Self Assessment tax returns

Over 10 million taxpayers must file a personal tax return. Are you one of them?

If any of the below criteria apply to you, you will need to complete a Self Assessment tax return:

  • You are self-employed

  • You are a company director

  • You receive income from overseas

  • You have Capital Gains Tax to pay

  • You have an annual income of £100,000 or more

  • You have income from trusts, settlements and estates

  • You have income from savings, investment or property (unless collected via PAYE)

Our accountants are available to answer your questions

Complete the form below and we will contact you shortly.

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Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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