Resolved Question
What company returns do I have to make?
I own a small, private, UK limited company. What annual returns do I have to make, and when?
Thanks for your help.
John
Thanks for your help.
John
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Hi!
Firstly, at the end of your first year and every subsequent full year of having a Limited Company, you will need to do a return to Companies House, so, for example, if you started trading on 24.07.09 you would need to do an annual return from this date to 23.07.10. You should employ an accountant to do these for you, the cost is around £300-£400 for their services depending on how small your business is and also depending on how 'in order' your accounts and receipts are, so it is advisable to log every detail of your income and expenditure and keep your receipts in order. Your accountant will tell you whether you have made enough profit to pay Corporation Tax and you will be sent a reminder to pay any outstanding amounts. You are usually given around six months to pay these amounts.
You also need to file a return to say that you are still trading, again to Companies House, which costs around £15 - they will send you a reminder to do this.
You will also be required to complete a Self-Certification Tax form which is sent out to you in about August each year and should be returned to the Inland Revenue sometime in September (it will give you the date on the form). Again, your accountant can help you with this form - it requires details of your shareholding in the company which sounds more complicated than it is!
Lastly, depending on how you pay your wages, if your tax and national insurance are deducted 'at source' you will be required to forward these amounts to the Inland Revenue on a quarterly basis and complete an end-of-year return at the beginning of April each year. Contact the Inland Revenue for assistance on how to do this. When my hubby set up his own business, muggins here got the books to do and I asked the Inland Revenue to come out and explain how to do his wages and returns. They are extremely helpful and offered various courses which I could attend to help iron out any problems.
I know this all sounds very complicated but if you keep your accounts in order, you should be just fine!
Firstly, at the end of your first year and every subsequent full year of having a Limited Company, you will need to do a return to Companies House, so, for example, if you started trading on 24.07.09 you would need to do an annual return from this date to 23.07.10. You should employ an accountant to do these for you, the cost is around £300-£400 for their services depending on how small your business is and also depending on how 'in order' your accounts and receipts are, so it is advisable to log every detail of your income and expenditure and keep your receipts in order. Your accountant will tell you whether you have made enough profit to pay Corporation Tax and you will be sent a reminder to pay any outstanding amounts. You are usually given around six months to pay these amounts.
You also need to file a return to say that you are still trading, again to Companies House, which costs around £15 - they will send you a reminder to do this.
You will also be required to complete a Self-Certification Tax form which is sent out to you in about August each year and should be returned to the Inland Revenue sometime in September (it will give you the date on the form). Again, your accountant can help you with this form - it requires details of your shareholding in the company which sounds more complicated than it is!
Lastly, depending on how you pay your wages, if your tax and national insurance are deducted 'at source' you will be required to forward these amounts to the Inland Revenue on a quarterly basis and complete an end-of-year return at the beginning of April each year. Contact the Inland Revenue for assistance on how to do this. When my hubby set up his own business, muggins here got the books to do and I asked the Inland Revenue to come out and explain how to do his wages and returns. They are extremely helpful and offered various courses which I could attend to help iron out any problems.
I know this all sounds very complicated but if you keep your accounts in order, you should be just fine!
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