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Annual Compliance for a UK Limited Company

by | Oct 28, 2024 | Business, Uncategorised

For a UK limited company, annual compliance involves several recurring obligations. Here’s a breakdown of key compliance requirements:

1. Annual Confirmation Statement (CS01)

  • Frequency: Every 12 months
  • Details: The confirmation statement verifies that the information Companies House holds about the company is accurate. It includes details about directors, shareholders, registered office, and SIC codes (business activities). It is a compulsory filing as part of Annual Compliance for a UK Limited Company
  • Submission: Can be filed online through Companies House or if you use an agent like Seed Formations we can help you file your confirmation statement for just £54.99+vat

2. Annual Accounts

  • Frequency: Annually, with a filing deadline based on the company’s accounting reference date (ARD).
  • Details: Accounts detail the financial health of the company, including balance sheets, profit and loss statements, and notes. The type of accounts (e.g., micro-entity, small, medium, dormant) varies depending on company size.
  • Filing Deadlines: Nine months after the company’s financial year-end for private limited companies. Late submissions can lead to penalties.

3. Corporation Tax Return (CT600)

  • Frequency: Annually
  • Details: Companies are required to submit a tax return to HM Revenue & Customs (HMRC) with their financial statements and tax computations. It is also a compulsory part of Annual Compliance for a UK Limited Company
  • Payment Deadline: Tax is due nine months and one day after the end of the accounting period.
  • Filing Deadline: 12 months after the end of the accounting period. Companies can file via HMRC’s online portal.

4. PAYE and NIC (If Employing Staff)

  • Frequency: Monthly or quarterly
  • Details: Companies employing staff must register for Pay-As-You-Earn (PAYE) and make monthly deductions for income tax and National Insurance Contributions (NIC).
  • Submission: Payroll filings are typically done via HMRC’s RTI (Real-Time Information) system.

5. VAT Returns (If VAT Registered)

  • Frequency: Quarterly (usually)
  • Details: VAT-registered companies must submit regular VAT returns to HMRC, detailing VAT collected and paid.
  • Filing Deadline: Generally due one month and seven days after the VAT period ends. Companies with taxable turnover exceeding £90,000 must register for VAT

6. Record Keeping

  • Details: All UK companies are required to keep detailed financial records for at least six years, including invoices, receipts, bank statements, payroll records, and VAT returns if applicable.
  • Purpose: Helps ensure accuracy in tax filings and assists with potential audits by HMRC

7. Director and Shareholder Changes

  • Filing Requirement: Companies must inform Companies House of any changes in directors or shareholders. This includes appointments, resignations, and share transfers.
  • Submission: File relevant forms, such as AP01 for director appointments and TM01 for terminations

8. Statutory Registers Maintenance

  • Details: Statutory registers, including registers of members, directors, and charges, must be kept up-to-date. These records are typically maintained at the company’s registered office or a designated address

Failure to comply with these requirements can lead to fines, disqualification of directors, or even forced company dissolution. For guidance on specific filings, consult the Companies House or HMRC websites, or consider working with a company secretary or accountant.