What are the Limited Company Dates that you Need to Know?

As a limited company owner and director, you must remember the key dates to your company. You are responsible for filing various documents with the HMRC and Companies House. If you are a first-time company owner, you may not know these dates and what happens if you miss the deadline.

This blog provides all the vital company dates you must know and what you must do.

Key Dates on a Company Calendar

Registering for Corporation Tax

When your company officially begins trading, you must register for corporation tax with HMRC within three months. This includes trading actions such as:

• Purchasing and selling goods,
• Advertising
• Leasing property
• Hiring employees

You can register through various methods, including online, postal applications, or via a company formation agent or accountant.

Confirmation Statement Filing Dates

A confirmation statement is a yearly filing requirement for all limited companies in the UK. Companies use it to confirm that the data at Companies House is up-to-date and accurate once every year.

The deadline for filing depends on your review period, which is established by the date of your company's incorporation for the initial confirmation statement and, in the following years, by the date of the previous statement filing.

For example

• If you incorporated your company on 10/05/2024
• The statement will be 09/04/2025
• The review period is 10/05/2024-9/04/2025
• You must file the confirmation statement by 23/5/2025, the statement's due date.
• Your next confirmation date will be 9/04/2026, with a submission deadline of 23/5/2026

The confirmation statement date is when you should report your company incorporation date minus one.

The "due by" date is the deadline for submitting the confirmation statement to Companies House, 14 days after the confirmation date.

If you want to, you can file the confirmation statement early. Many companies do it if they make changes and want to inform the Companies House. It is allowed, but it will affect the date of your next confirmation statement.

What are Confirmation Statement Penalties?

If you don't file your confirmation by the due date, you will breach the Companies Act 2006. Company officers may be penalised up to £5,000, and a company may be struck off the register. However, none of this will occur if you submit your confirmation statement and don't let the deadline pass.

Filling Annual Account Dates

Submitting annual accounts is a requirement that requires you to submit your company's financial data. Filing these accounts is mandatory regardless of whether your company is active or dormant. You submit these accounts to the HMRC and Companies House.

If your company has never engaged in trading activities, you can file a set of accounts termed dormant company accounts.

You must file your business annual accounts with Companies House by the due date. You should file your first annual accounts 21 months from the company formation date. The following annual accounts must file 9 months from the accounting reference date.

For example

• Suppose you register your company on 01/01/2024
• The accounting reference date will be 31/01/2025
• You should submit your first by 01/09/2025
• The next accounting reference date will be 31/01/2026, and the next account deadline date is 31/10/2026

The accounting reference date (ARD) specifies the period covered by annual accounts. It is set as the final day of the month you incorporated your company.

Changing your business accounting reference date is possible, although it will affect its financial year.

What are Annual Account Penalties?

You will be breaking the law if you miss the annual account filing due date, which could result in hefty penalties. The magnitude of the penalty is determined by how late you file; it can increase by up to £1,500 or double if you're late for two consecutive years.

Failing to file may result in company closure or criminal prosecution.

Corporation and Company Tax Returns

Corporation tax is required to be paid 9 months and 1 day after the accounting period ends. For a company with a year-end on 31/3/2024, tax payment is required by 01/01/2025. Every limited company must pay corporation tax on their profits.

A company tax return is a report you prepare detailing the amount of Corporation Tax owed. You start by paying the corporation tax and then submit the corresponding company tax return. A company tax return is submitted to the HMRC 12 months after the business accounting period.

What's the penalty for missing corporation tax registration?

The penalty for not paying Corporation Tax on time is determined by the amount of tax owed, also known as 'potential lost revenue.' Nonetheless, HMRC considers any valid reasons, termed as 'reasonable excuses,' for failing to meet the deadline.

Additionally, if you miss submitting the company tax return due date, you will pay up to £100 penalty, although it may increase based on how late you are.

Your company corporation tax accounting period starts the day you start trading. This could be the same date formed or a later date ending on the accounting reference date above.

An accounting period span is 12 months. Therefore, if you started running your business in the month of incorporation, you must prepare 2 company tax returns. The first one will cover the 12 months, and the second will cover one additional month.

For example

• If you register your company on 01/01/2024
• You begin trading on 01/01/2024
• Your corporation tax accounting period will start 01/01/2024–31/01/2025; you should report your first tax return.
• Your second corporation tax accounting period starts 01/01/2025–31/01/2025 for the second tax return.
• The subsequent corporation tax accounting period starts on 01/02/2025 and ends on 31/01/2026; for these 12 months, you need one tax return.

VAT Payment Date

If your company is registered for VAT, you must keep track of additional dates. Businesses opt for quarterly VAT reporting, although monthly or annual reporting is less common. The end dates for your VAT reporting periods are determined when you register for VAT, often aligned with your financial year-end.

Your VAT payment date is the deadline by which you must settle any VAT payments owed to HMRC for the preceding quarter. It falls 1 month and 7 days after the end of the VAT quarter. For instance, if your VAT period ended on 31/10/24, payment would be due by 07/12/2024.

PAYE Payment Date

The PAYE payment is another date you must consider if your business operates a payroll scheme. You must pay taxes to the HMRC, which is paid monthly but can be paid quarterly. The payment date is 22 the coming month. For example, PAYE taxes owed on the January payroll payment would be due by 22nd February.

Winding Up

As a limited company director, you should know the company's key dates and requirements for tax filing and payments. You may have more dates to consider based on your company's industry. For example, you will also have CIS payment dates in a construction company.

Failing payment or missing deadlines may result in penalties, so you should ensure timely payment. Overdue accounts and missed payments may affect your business credit file to your customers or investors interested in working with you.

As a new company owner, having so many dates to consider can be challenging. It's advisable to seek support from an accountant who will keep track of your business filing and payment date requirements. They will ensure your company is compliant and all payments are made on time. If you have any questions on the limited company dates that you need to know? Kindly contact one of our experts here.