Accounting deadlines for new companies
Starting a new small company is an exciting time all round. However, there are certain reporting and payment deadlines that you cannot miss. Here are the key dates to watch out for:
Statutory accounts
The statutory accounts for your first year of trading cover the period from the date of incorporation until the final day of the 12th month since you started. You then have 9 months after your year-end to compile your statutory accounts, which must include:
- A ‘balance sheet’, detailing what your company owns, owes and is owed on the last day of the financial year
- A ‘profit and loss account’, recording the company’s sales, costs and the resulting profit or loss
- Notes about the accounts
- A director’s report
Therefore, the deadline for the submission of your first year’s accounts will be 21 months after your date of incorporation. Make sure to keep an eye out for this deadline, as Companies House can levy a fine of up to £1,500 if your accounts are filed more than six months late.
Company tax return
A tax return can’t cover more than 12 months, so unless your business was incorporated on the first day of the month you’ll need to submit two separate tax returns; one for the first annual ‘accounting period’ and the second for the remaining days (each with a different deadline). Read more about why you might need two tax returns for your first year of trading.
Your next deadline will then revert to 12 months after the end of your accounting period for corporation tax. Be careful not to miss this though, as HMRC could levy a fine of up to 10% of the tax bill for late payments.
Corporation tax
Unless you’re raising taxable profits of over £1.5m per year, you’ll have a deadline for the payment of corporation tax that’s nine months and one day after the end of the accounting period.
If you want more expert advice on accounting deadlines or professional assistance, contact the friendly team at 3 Wise Bears today.
