This is the end of the company’s financial year. Each company has its own date which depends on the date of registration of the company in Companies House. After the end of the period, the Directors have nine months to submit the Annual Accounts to Companies House and pay corporation tax, and 12 months to file a Corporation Tax return (form CT600) with the Tax Office (HMRC).

Financial statements (statutory accounts) consist of the company’s profit and loss statement (income statement), its balance sheet (statement of financial position) and explanatory notes (footnotes). Reports are submitted in full format to the Tax Office and abbreviated format to Companies House.

If a company has employees (even if it is only one Director), it must be registered as an employer and submit monthly salary reports to the tax office in electronic RTI format. It is also necessary to make pension contributions for employees. If the business is related to the construction industry, you must register with the CIS system to make payments to the subcontractors, deducting CIS tax at the rates of 0%, 20% or 30%. The CIS report is submitted to the tax office in electronic format no later than the 19th of each month.

If the company’s turnover in the past 12 months has reached 85,000, you must register for VAT and start invoicing your customers with VAT. Voluntary registration is allowed. You will be allowed to return VAT on services purchased within six months before registration and on goods purchased in the last four years if they are owned by the company at the time of registration.

The company’s tax return contains information about income, expenses and all tax deductions that the
company was able to use to reduce the profit and pay fewer taxes. The current corporation tax rate in the
The UK is 19%.

Every year companies must submit a report confirming the information about the company structure. This report is required to notify all changes that occurred during the year, including the Directors and owners. If such a report is not submitted, the company may be closed along with the Bank account.