Limited Company Tax Responsibilities Checklist

2 Min Read
Limited Company Tax Responsibilities Checklist

Limited Company Tax Responsibilities. Setting up a limited company in the UK requires some responsibilities in submitting accounts to Her Majesties Revenues and Customs (HMRC).

Business accounts and limited company tax returns need to meet certain deadlines set out for filing. The deadline is 12 months after the end of the accounting period the return covers. The accounting period is normally the same as the financial year covered by your company’s annual accounts. There are fines for filing late so if you do your own accounting over using the services of an accountant, keeping on top of deadlines is ever more important to prevent fines.

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You need to complete a limited company tax return to calculate whether you have a Corporation Tax bill to pay.

Limited companies have 2  sets of accounting periods. Companies House and HMRC.

Limited Company Tax Responsibilities Checklist

Accounts and tax returns need to meet certain filing deadlines.
Profit and Loss Account

Maintain annual statutory accounts.

Abbreviated Accounts

Turnover less than £6.5 million, employ no more than 50 people or a balance of no more than £3.26 million on the Balance Sheet.

Director’s Report

A financial report that helps shareholders understand if the company’s finances are in good health.

Required to submit a directors’ report to HMRC if two of the following happens. A turnover of more than £10.2 million, £5.1 million on the balance sheet or 50 employees or more.

Auditor’s Report

Auditor’s report provides an opinion on the reliability of the company’s financial statements.

Balance Sheet

A balance sheet is a financial report of a company’s assets, liabilities and shareholders’ equity.

Corporate Tax

Annual profits will be subject to Corporation Tax.

Corporation Tax payment is due 9 months after the end of your company financial year.

Confirmation Statement

Every company must file a confirmation statement with companies house confirming information about your company is up to date.

Company Tax Return

Company Tax Return is due 12 months after your accounting period year ends.

Payable 9 months and one day after the year end.

PAYE RTI (Real Time Information) Returns

Reporting payroll in ‘real time’ to HMRC

VAT Returns

If you’re VAT registered needs to be filed and paid quarterly.

1 month and 7 days after the quarter ends.

Self Assessment Tax Returns

Personal income you may need to pay tax on salary and dividends received.

May not need to file if your only income is taxed through PAYE.

The deadline for submitting your online tax return is 31st January for the previous tax year.

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