There are many reasons to form a limited company. From the chance to become your own boss to enjoying a more tax-efficient business structure, it’s no surprise that thousands of professionals up and down the country are making the leap.
Of course, nothing in life is free. In return for the mountain of benefits on offer, you’ll need to put in a bit more legwork than you would as an umbrella contractor – seems only fair, right?
Just one of the additional responsibilities you’ll be required to shoulder is filing your own accounts with HMRC and Companies House. Each report comes with its own deadline to remember, with penalties in place if you forget.
While some deadlines are the same across the board, others will be unique to your company. This means you’ll need to be on your toes if you want to remain whiter than white.
Thankfully, help is at hand. Here’s a quick rundown of the deadlines you’ll need to be aware of.
| Accounting Deadlines Unique to Your Company | |
|---|---|
| Details | Deadline |
| File first year accounts with Companies House | 21 months after your company's incorporation date |
| File annual accounts with Companies House | 9 months after your company's financial year ends |
| Pay Corporation Tax (or tell HMRC that you don't owe any) | 9 months and 1 day after your accounting period for Corporation Tax ends |
| File a Company Tax Return | 12 months after your accounting period for Corporation Tax ends |
| Submit VAT return | 1 month and 7 days from the end of your VAT quarter |
| Make VAT payments | 1 month and 7 days from the end of your VAT quarter | General Accounting Deadlines |
| Details | Deadline |
| End of tax year | 5th April |
| Start of the new tax year | 6th April |
| File P35 (Employed Annual Return) & P14 | 19th May |
| Provide P60 to all employees (for previous tax year) | 31st May |
| Return P11D, P11D(b) and P9D (if applicable) | 6th July |
| Transfer any liabilities for Class 1A National Insurance to HMRC (for previous tax year) | 19th July |
| Make second payment on account (if applicable) | 31st July |
| Submit paper self-assessment tax return (if applicable) | 31st October |
| Make first payment on account (if applicable) | 31st January |
| Make Capital Gains Tax payment | 31st January |
| Final date to submit self-assessment tax return (£100 penalty if filed after this date) | 31st January |
| Make PAYE and National Insurance Payments for previous month's salary | 19th of each month or quarterly depending on payment cycle (22nd for electronic payments) |