What are the tax and return deadlines for a new business?

Start Up accounting advice

The launch of a new business is an exciting time for everyone involved, but at the risk of raining on your startup’s parade it is important to point out that with every great endeavour comes new responsibilities. All actively trading companies have an obligation to file annual accounts with Companies House and an annual tax return with HM Revenue and Customs, and your new startup is no exception.

Failure to file your annual accounts and tax return by the correct deadlines could result in costly late payment penalties; here’s how to make sure that doesn’t happen.

We specialise in working with new businesses - our costs are highly competitive but we also ensure that we spend sufficcient time with start ups and new business clients to offer advice and reassurance as well as just pure accounting services. Please do get in touch with our accountants to discuss how we can help and to get a quote.

New business accounts obligations

Your first year’s statutory accounts usually cover a little more than 12 months, because they start on the date your new company was incorporated and run until the last day of the month one year from the date of incorporation.

The normal deadline for filing annual statutory accounts with Companies House is nine months after your financial year ends. For your first year accounts, this means your deadline will be 21 months after the date your company was incorporated.

If you miss this deadline you will normally have to pay a late penalty to Companies House, which can amount to £1,500 if your filing is more than six months late. However, if an event that is outside your control prevents you from filing your accounts on time, and you apply for an extension before your company’s deadline, Companies House may offer you more time to file. Email or write to Companies House to explain why you are going to miss the filing deadline and how much more time you will need.