Limited companies filing deadline

follow site Limited companies filing deadlines.

Limited companies have filing deadlines for accounts and tax returns.

Penalties (for private limited companies) for late filing with HMRC are summarised below:

ACTION                                                                  DEADLINE

  • First accounts with Companies House       21 months after date incorporated
  • Annual accounts with Companies House   9 months after year end date
  • File company tax return with HMRC          12 months after end of accounting

Period

  • Pay Corporation Tax or                             9 months and 1 day after Corporation
  • Tell HMRC that no corp tax is payable     Tax accounting period ends

The penalties (for private limited companies) for late filing of limited company accounts with Companies House are summarised as follows:

TIME AFTER DEADLINE                             PENALTY

  • Up to 1 month                                               £150
  • 1 to 3 months                                                £375
  • 3 to 6 months                                                £750
  • More than six months                                 £1,500

The penalty is doubled if annual accounts are late two years in a row.

Limited companies are required to file a confirmation statement (previously an annual return) with Companies House once a year. The company should receive an email alert or a reminder letter when the confirmation statement is due. The due date is usually a year after either:

  • the date the company was incorporated
  • the date the company filed its previous annual return of confirmation statement.

The company can file the confirmation statement up to 14 days after the due date, with no penalty.

It can be very difficult for a small business owner to understand several deadlines, Price & Accountants can help you to understand of these deadlines. Feel free to book an appointment with us today by completing contact us form or email: info@priceandaccountants.com or call 020 3735 5119

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EIS & SEIS Registration

Autumn Budget 2017


see What is the big picture?

  • Economic Forecast
  • Brexit
  • Technology
  • Productivity

Brexit, most challenging time for small businesses in UK right now, uncertainty is not good for our economy which can also affect small businesses in short and long term. However it will also bring opportunities for smaller businesses therefore get ready.

Government is ready to invest into the Technology, there is £2.5 billion Investment Fund for innovative SMEs. There is also an Investment incentive available for artificial intelligence.

source link The big headline: Stamp Duty Limits

Up to £125,000: Current Standard rate 0% Rate for first-time buyers 0%
Over £125,000 and up to £250,000 Current Standard rate 2% Rate for first-time buyers 0%
Over £250,000 and up to £300,000 Current Standard rate 5% Rate for first-time buyers 0%
Over £300,000 and up to £500,000 Current Standard rate 5% Rate for first-time buyers 5%

  • You will not pay Stamp duty on the first £300,000 on property purchase (first time buyer)
  • Between £300,001 and £500,000 the standard 5% will apply
  • If your property is over £500,000 this exemption will not apply and will pay standard rates

source site Personal Tax and National Insurance overview

Personal allowance £11,500 (Now) £11,850 (Next Year)
Basic rate threshold £33,500 (Now) £34,500 (Next Year)
Tax free dividend £5,000 (Now) £2,000 (Next Year)

Dividend Tax! basic rate will be increased to £34,500 which will be taxed at 7.50% savings of £189 (including savings from personal allowances) in the next financial year compared to current year. There would be an additional tax on reduced tax free dividend which will result to an increase in dividend tax of £225. Overall there are no satisfactory tax saving for small business owners in 2018/2019.

Corporation Tax overview

  • Main rate of corporation tax remains at 19%, falling to 17% from 1 April 2020
  • Freezing of corporate indexation allowance from 1 January 2018
  • R&D tax credit increased from 11% to 12%

UK will be very competitive jurisdiction when corporation tax is reduced to 17% (from 2020). Good news for R&D.

Finance for long-term innovation

New £2.5 billion Investment Fund for innovative scale-up SMEs
Double annual allowance for EIS investments in knowledge-intensive companies
Transport Taxes

  • £220 million new Clean Air Fund for local authorities in England
  • Vehicle Excise Duty (VED) supplement for new diesel cars from 1st April 2018
  • Rise in Company Car Tax diesel supplement from 3% to 4%
  • No benefit-in-kind charge for electric vehicles for employees
  • Freeze on fuel duty