What Are The Filing Requirements of a Limited Company?

Before establishing a limited company it’s important to understand filing requirements of a limited company to Companies House and HMRC. You are legally obligated to submit specific information to Companies House and HMRC regularly when you register a company in the UK. This comprises revenue and expenses, assets and liabilities, and important information about the business and its owners. We have provided a detailed blog containing all the information regarding filing a limited company.

What Are The Filing Requirements Of A Limited Company:

When you establish a limited company, the question that arises is what are the filing requirements of a limited company? This guide gives you an overview of the kinds of filings that a business needs to make to Companies House and HMRC. The following are the primary categories of corporation filing and reporting requirements:

Event-based filing to Companies House
Annual accounts
File confirmation statement
Corporation tax returns
VAT returns
Employer PAYE returns

Event-Based Filing To Companies House:

A company’s directors are constantly responsible for the accurate data listed on the public register. This implies that they must notify Companies House as soon as any details change, in addition to the particular reporting requirements mentioned above. The following modifications need to be notified as soon as they happen:

A name change for the business
Relocation of the registered office
Establishing a Single Alternative Inspection Location (SAIL), relocating it, or updating the locations of other records and statutory business registers
Adding or removing a director or company secretary from office
The appointment of a new Person with Significant Control (PSC), or the resignation of a PSC.
Modifications to the information stored at Companies House about a director, secretary, or PSC
New shares are issued. Reorganisation of the business’s stock
The company’s articles of association have been updated.
A modification to the accounting reference date of the business
The establishment of an assessment of the business’s assets

Each of these forms has a different due date, but generally speaking, they must be submitted 14 days to a month after the event. Certain modifications, such as relocating the company’s registered office address, only become effective when Companies House has recorded the alteration.

Annual Accounts:

Every UK business, whether active or inactive, is required to create yearly financial statements, submit them to Companies House, and provide copies to their members. HMRC must also get trade company accounts. To avoid penalties, interest, and other possible consequences, most private limited companies have to file their accounts within nine months of the company’s accounting reference date. A business may change its accounting reference date, which frequently results in an accounting period that is shorter than the typical 12-month period. Although extending the accounting term is also feasible, there are additional restrictions.

File Confirmation Statement:

Every UK company, whether it is in operation or not, must prepare annual financial statements, send them to Companies House, and give copies to its members. The accounts of trade companies must also be obtained by HMRC. Most private limited companies must file their accounts within nine months of the company’s accounting reference date to avoid penalties, interest, and other potential repercussions. The accounting reference date may be changed by a company, which often leads to an accounting period that is shorter than the standard 12-month period. It is also possible to prolong the accounting term, although there are more limitations.

Corporation Tax Returns:

Your business becomes active for Corporation Tax when it begins trading. This entails:

paying corporation tax on all taxable profits,
preparing and filing company tax returns and statutory accounts for HMRC,
and registering for corporation tax online.

Within three months after you begin trading, you should register your business for corporation tax. If you begin trading right away, this may be the date of incorporation. If your business is dormant, it may be later.

You must register for Corporation Tax online and give HMRC the following details:

Number of company registrations
The day you began trading
The day on which your yearly accounts are prepared
Your company’s 10-digit Unique Taxpayer Reference (UTR), is required for registration.

To complete your registration, submit your yearly accounts and company tax returns to HMRC, pay your corporation tax bills, and open a Government Gateway account online, you will need your UTR.

VAT Returns:

VAT-registered businesses are then required to submit a quarterly VAT return to HMRC online in addition to other filing obligations. The VAT return must be filed by the end of the month after the end of the quarter it covers.

Employer PAYE Returns:

The business must register with HMRC under Pay As You Earn (PAYE) if it is required to pay wages or salaries, including for the directors. After that, there are several reporting requirements. Several additional forms are frequently required for staff payments. P11D, P14, P35, and P60 are often the pertinent HMRC forms. Payroll software may frequently generate the appropriate forms automatically or your accountant can provide advice. Companies must pay income tax deductions and NIC to HMRC by the deadlines in addition to the reporting requirements.

What Are The Filing Requirements Of A Limited Company If Dormant:

A company is considered dormant when it doesn’t hire staff, generate income, or do any business, including having no activity in its bank account. Bank fees, for instance, can show that a business isn’t dormant. Even so, inactive companies still need to meet their yearly reporting duties. This includes the filing of dormant company accounts. If the company is not trading, it can be requested to file a zero corporation tax return. Notification to HMRC means they can prevent the company from paying tax or making returns. Don’t forget trading includes such as buying, selling, renting, having staff, and earning interest., to stay in compliance with the regulations, all companies – including those not yet trading – need to file an annual Confirmation Statement.

Conclusion:

Concluding the topic what are the filing requirements of a limited company we come to the following solution. Companies House and HMRC filing and reporting obligations are required for every UK-registered business, whether active or dormant. Hopefully, through this post, you will find all the filing requirements crucial for filing a limited company.

Disclaimer:

You shouldn’t rely on the aforementioned articles because they are simply for informational use. You must have the right legal counsel for your unique situation and case facts.