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HMRC lodgement dates
Every limited company in the United Kingdom, even if the owner is not the resident of the UK, must follow all the annual requirements provided by the government. The limited company needs to file company account, corporate tax returns, VAT returns, and employee related lodgement each year. These requirements include taking notes of upcoming deadlines, as well as filing all paper correspondence along with a record of the company’s financial information to help to keep track of the company's growth. I have provided all the due dates that a limited company in the UK needs to consider for lodgement of company accounts, corporation tax return, VAT returns, and employee related lodgement.
Company Accounts
It is essential for every limited company to provide the financial information of every accounting year. The financial information is submitted as part of Company's Tax return to HMRC and Companies house.
First accounts must be filed within 21 months after a company's incorporation date, and then nine months from ARD. If the information is not provided until that date, penalty can be imposed by Companies house. If the information is not submitted at all, the company would be closed by HMRC.
Corporation tax
The corporation tax must be paid by every trading company in the UK on the money earned from the company's business, investments, and selling assets. Company Tax Return must be filed to HMRC if the company receives a notice to deliver a Company Tax Return from HMRC. The corporation tax must be filed within nine months and one day after the end of ARD. However, these can fall into two accounting periods:
2. The deadlines may be different from the above if the accounting period is different from company's financial year. The deadline will be provided by HMRC as per company's financial year.
Self- assessment tax return
This tax return must be filed by every employee of the limited company who receives a salary from the company's sale. The dormant company are not required to file a tax return. The tax return must be filed before 31st January each year.
VAT Returns
The amount of VAT charged and paid by the company should be reported to HMRC. The VAT Return must be submitted in case of no VAT to pay or reclaim. The amount must be reported every three months. Company's VAT Return deadline can be checked via its HMRC VAT online account. Due dates for returns and payments are designated, as follows:
1. If the Accounting Quarter period ends at 28th Feb, VAT return should be filed online until 7th April of the same year.
2. If the Accounting Quarter period ends at 31st March, VAT return should be filed online until 7th May of the same year.
3. If Accounting Quarter period ends at 30th April, VAT return should be filed online until 7th June of the same year.
In case of missed deadlines, a penalty fine will be imposed, or default against the company could be recorded.
PAYE (employee related lodgement)
HMRC collects Income Tax and National Insurance from employment, which is known as PAYE. PAYE should be operated as a part of payroll to pay salaries, expenses, or benefits to the employees.
The due date for National Insurance is the 22nd of each month or 19th of each month, if the company is paying by post. Similarly, Income tax's PAYE should be filed until 31st October via paper and 31st January via online. In cases of weekend or bank holidays on the due date, payment must be received by the last working day. Penalty fines will be imposed by HMRC in cases of delayed filing.
Related Terms
ARD : Accounting Reference Date — It is the last day of the month that the company was formed in. For example, if the company was formed in 04/01/2016, it's ARD date will be 30/01.
Accounting period : In Corporation Tax, the time covered by company's Company Tax Return is known as accounting period.
CONCLUSION
In the UK, it is essential for every limited company to fulfill the financial requirements as provided by the government. All the information and due dates that a limited company in the UK needs to consider for lodgement of company accounts, corporation tax return, VAT returns, and employee related lodgement have been identified.