This can be the time of year contractors fear the most & it is where you really get your money’s worth from any good accountant.
A Year End refers to the end of your company year (not the end of the tax year) and the various accounts and returns that need to be taken care of at this time.
Whereas the tax year ends on the 5th April each tax year for individuals, Limited Companies Year end dates all differ. Unless you apply to change your year-end date with Companies house it will be the end of the month in which you set up the Limited Company.
So if you setup on the 28th April your year-end will be the 30th April each year – simple right?
Corporation Tax Return (CT600) to be filed online with HMRC – This includes details on your income and allowable expense and explains how much Corporation Tax is due.
Abbreviated Accounts to be filed online at Companies House – a slimmed down version of your full accounts showing detail such as Assets (cash at bank, equipment etc), Creditors (money your company owes to people) & debtors (money your company is owed).
Paying any Corporation tax due to HMRC – this is tax your company pays on the profit it has made.
Ensure all of your sales invoices have been entered up to date. Take care to check any unpaid invoices to make sure they were not raised in error.
Log any expenses & odd receipts you have floating around your desk or buried deep in your wallet.
If you have entered your numbers on any type of accounting software make sure all of your bank transactions have been entered up to date. Check the closing balance matches your bank statements – If not speak to your account, they will know what to do.
Your accounts are due at Companies House 9 months after your year-end however they are due slightly earlier in your first year (1 year + 9 months after you incorporated the company).
The CT600 is due within 12 months of your year-end.
Just to keep you on your toes your Corporation Tax payment is actually due before the CT600 return! The payment is due nine months and one day after your year-end.
There are some rather nasty incentives to encourage you to file on time, but remember, we are here to make sure you don’t miss any deadlines!
HMRC - CT600
| 1 day late | £100 |
| 3 months late | Additional £100 |
| Late 3 years in a row | Each of the above increase to £500 |
Companies House – Abbreviated Accounts
| Up to 1 month late | £150 |
| Between 1 & 3 months late | £375 |
| Between 3 & 6 months late | £750 |
| More than 6 months late | £1,500 |
| Late 2 years in a row | Each of the above double |
You can check your Companies House filing dates using the free web check service www.companieshouse.gov.uk
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