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Qualifications & Partners
Limited Companies
The accounts for the first year of a new Limited Company need to be filed with Companies House within 21 months of the date of incorporation.
Following on from this, annual accounts need to be filed within nine months of the accounting period end date.
Penalties for late filing of accounts with Companies House
Not more than 1 month £150
More than 1 month but not more than 3 months £375
More than 3 months but not more than 6 months £750
More than 6 months £1,500
Penalties are doubled if a company files its accounts late in 2 successive financial years. Penalties can only be appealed under exceptional circumstances.
Payment of Corporation Tax
Payment needs to be made within nine months and one day of the accounting period end date.
Interest will be charged on late payment of tax.
Filing of Corporation Tax Returns with HMRC
The Corporation Tax Return (CT600) must be filed with HMRC within 12 months after the accounting period end date.
Penalties for late filing of CT600 with HMRC
Missed filing deadline £100
3 months £100 (additional)
6 months HMRC will estimate your Corporation Tax liability and add a penalty of 10% of the unpaid tax.
12 months Another 10% of any unpaid tax
If your tax return is late three times in a row, the £100 penalties are increased to £500 each.
Penalties can be appealed if you have a reasonable excuse.
Sole Traders and Partnerships
Self-Assessment and Partnership Tax Returns
Paper tax returns are to be filed with HMRC by midnight on the 31st October following the tax year end (5th April). Online returns can be filed by midnight on the 31st January following
the tax year end.
Example – For the tax year ended 5th April 2016
Paper returns need be filed by 31st October 2016
Online returns need to be filed by 31st January 2017
For Self-Assessment Tax Returns, if the tax and NIC owing is £3,000 or less, and is to be paid via a PAYE coding notice then the tax return needs to be filed by the 30th December following
the tax year end.
Any tax and NIC owing is to be paid to HMRC by the 31st January following the end of the tax year.
Payments on Account
If tax and NIC owing is greater than £1,000, HMRC requires that payments on account are made towards the following year’s tax bill (except in certain circumstances). The 1st payment on account
is to be made by the 31st January following the tax year end and the 2nd payment on account by the 31st July following that.
Penalties for late payment of Self-Assessment tax
30 days late 5% of tax due
6 months 5% of outstanding tax
12 months 5% of outstanding tax
Penalties for late filing of Self-Assessment Tax Return
Missed filing deadline £100
After 3 months late £10 per day (starting 1st February for paper submissions/1st May for online submissions – max £900)
6 months late 5% of tax due or £300 if greater
12 months late 5% of tax due or £300 if greater
More details on HMRC penalties
More details on Companies House <a href="https://www navigate to this website.gov.uk/annual-accounts/penalties-for-late-filing”>penalties