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Company Accounts
The UK tax system is a complicated one and you should always seek professional advice when starting up a business or taking one over. There are a number of ways you can set up a business and that will then depend on how you would file your accounts.
Majority of new business set up as a sole trader where the year end accounts need to be submitted to HMRC via your tax return. This is also the case for partnerships and rental landlords.
The next most popular way to set up a business is as a Limited Company where there are rules and regulations you have to adhere to and this type of structure also requires more filings to be made. As a limited company you will have to file a CT600 which is a company tax return for corporation tax with HMRC, your accounts will need to be filed with companies house and a personal tax return to be submitted if you have taken out any dividends from your limited company.
How do I register a Limited Company?
At Yahesa Accounting we do this for you as it is included in all our packages. To set up a Ltd company you need to register it with companies house and HMRC. Once you have registered you get a certificate of incorporation which confirmed you legally exist.
What information do you need to set up a ltd company?
You will need 3 pieces of personal information about yourself and any shareholders of the Ltd company. This will include items such as your mothers maiden name, fathers first name, passport number, national insurance number and telephone number
How much does it cost to set up a company?
When setting up a Ltd company you should consider the accounting fees which will be higher compared to a sole trader business as there is more administrative work to be done and yearly submissions. The cost of actually setting up a Ltd company is £12 however this is included when taking up our packages.
As a sole trader or partnership you will need to register for self assessment with HRMC by the 5th October and this is a free service on the government website. This is something we would do for you.
What do I need to file for a company?
As a Ltd company you must file a confirmation statement, yearly accounts and CT600 (Corporation tax return) to Company house, you must also file detailed accounts to HMRC for your Ltd company.
As a sole trader or partnership you would simply include the business activities within your self-assessment for the year.
What are the deadlines to file company accounts?
A Ltd company must submit and pay its corporation tax return is 12 months after the end of the accounting period it covers and if you miss this deadline you will have to pay a penalty for late filing which is much higher for Ltd companies than sole traders.
As a sole trader or partnership your self assessment tax return would need to be filed by the 31st January regardless of when you started the business.
When is the deadline to pay you company tax?
As a Ltd company you pay your tax before you file you accounts. The tax bill is to be paid nine months and one day after the end of your accounting period for your previous financial year. So if your accounting period for your Ltd company ends on 31st March, your corporation tax deadline is 1st January
As a sole trader or partnership the deadline for paying your tax is the same date as the filing deadline of 31st January. Failure to pay and file will result in fines and penalties
