What are the filing requirements of a limited company? 

by | Mar 20, 2024 | Blog, YBL Blogs

What are the filing requirements of a limited company? 

If you are setting up a limited company in the UK, it is important to know that you must file information to both Companies House and HMRC.

This information covers a variety of financial and general details about your company and its operations. Failing to submit this information can have serious consequences, such as fines, penalties, and even legal action. To help you stay on top of your responsibilities, here’s what you need to know about the filing requirements of a limited company. 

Confirmation Statement 

Every year, a limited company must prepare and submit a confirmation statement to Companies House. This statement is important because it ensures that the information displayed on the public register is accurate and up-to-date. The confirmation statement includes lots of details such as the company’s registered office address, officers’ details, and the company’s shareholders. You must file a confirmation statement every 12 months starting from the date your company was incorporated, or the date on your last confirmation statement. The cost of filing a confirmation statement is usually £13 for online submission (increasing to £34 in May 2024) and £40 (£62) for paper submission.

Annual Accounts 

Limited companies are required to prepare annual accounts that reflect their financial activity at the end of each financial year. The type of accounts that need to be prepared depends on things like the type of company you run and the size of your company. Depending on this, you will either be required to submit full statutory accounts or a much simpler version, such as small company accounts or micro-entity accounts. You must submit the accounts to Companies House within nine months after the end of the financial year. Your first accounts are due 21 months after your company is incorporated. 

That said, Companies House will be moving towards full accounts (not abridged or filleted accounts) being filed showing full profit and loss for smaller businesses, although a date for this implementation has not currently been made.

Corporation Tax Return

When your company first starts operating, you must register for Corporation Tax within three months. You must file a Corporation Tax Return to HMRC every year, which will provide details about your company’s financial activity during its accounting period. Your company’s accounting period is normally the same 12 months as the company financial year covered by your annual accounts. 

It is important to deliver Company Tax Returns and annual accounts to HMRC no later than 12 months after the end of your company’s accounting period. Your Corporation Tax payment should be made within 9 months after the end of the accounting period. Late filings may result in penalties. 

VAT, PAYE, and Self-Assessment 

If your company exceeds the VAT threshold (turns over more than £85,000, £90,000 from 1st April 2024), you must register your company for VAT and submit quarterly VAT returns to HMRC. If your company pays wages or salaries, you must also register for PAYE (Pay As You Earn) and submit PAYE information to HMRC every time you pay your employees. It is important to note that directors and shareholders are also responsible for registering for self-assessment and reporting any untaxed personal income. 

Event-Based Filings 

If there are any changes to your company’s details, including the appointment or resignation of officers, changes to share capital, or amendments to articles of association, the directors of your company must inform Companies House as soon as possible. This must be done within a certain amount of time, usually no later than a month after the change happens, to avoid any penalties. 

Responsibilities and Penalties 

The directors of your company must ensure that all filing requirements are met on time. Failure to comply with these requirements can result in various consequences, including financial penalties, disqualification of directors, dissolution of the company, and legal prosecution. The amount of the penalty for late filing will depend on the type of information that was submitted late and how long the delay was.  

Consider using both tools and professional assistance to help make the process easier. Please get in touch, and I’d be happy to give you some advice on how to do this.  

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