What are the annual requirements of a limited company ?
All companies registered at companies house are required to file the following documents:
- Annual Return – this is a statement of details of officers of the company to include any address changes, new appointments etc. There is a government filing fee of £40 if filed via a paper form and a fee of £15 if filed electronically.
- Accounts – End of year accounts must be filed with companies house regardless of whether the company has carried out any trading activity or not.
- Corporation Tax – A corporatin tax return must be filed with HM Revenue & Customs regardless of whether the company has carried out any trading activity or not.
The above documents are time critical.
What happens if the documents are filed late?
If a company does not submit an annual return Companies House will send a number of warnings to the registered office of the company. After three warning letters, one of them by special delivery, the company may be struck off the Register, causing a lot of aggregation to the business. Read about what happens if a company is struck off the Register and how to restore a company.
For late filing of accounts there is a rigid structure of late filing penalties depending upon the length of delay, causing financial damages as much as £1500. Read more about late filing penalties.
If a corporation tax return is not submitted on time, HM Revnue & Customs will estimate the company’s tax and issue a demand. If this demand is not met and the company still does not file the corporation tax return HMRC may send bailiffs to the company’s registered office address to remove the company’s assets.