FILING DEADLINES

Ardwyn-Channon will assist you in making sure you meet all filing deadlines, we have summarised the relevant deadlines and associated
penalties below for your information.

Tax return deadlines

All self assessment electronic tax returns made up to the previous 5 April, must be filed with HMRC by 31 January.

Company Tax Returns (CT600) these need to be filed within 12 months of the end of your company’s Corporation Tax accounting period.

Corporation Tax payment is due nine months after the end of your Corporation Tax accounting period.

Companies House Deadlines

Accounts need to be filied with Companies House within 9 months from the accounting reference date for a private company.

If your company’s first accounts cover a period of more than 12 months, you must deliver them to Companies House within 21 months of the date of incorporation.

RELEVENT PENALTIES

Self assessment

If HMRC receives your self assessment tax return after the filing deadline, you’ll be charged an automatic £100 penalty.
If a Partnership Tax Return is late there’s a £100 penalty for each partner.
If you pay your tax late HMRC will charge interest from the date the tax was due until your payment is received.
If you still haven’t paid your balancing payment (due on the 31 January) by 28 February, you may be charged a 5 per cent additional charge, called a surcharge, on top of the amount you still owe. This is in addition to any interest you’ve been asked to pay.
If you still haven’t paid all of the tax due on 31 January by 31 July, you may be charged a second 5 per cent surcharge on top of the amount you still owe.

New penalties will come in force in October 2011.
Please see
www.hmrc.gov.uk/about/penalties.htm

Automatic flat-rate penalties for late Company Tax Returns

If you file your Company Tax Return late, your company will be charged a flat-rate penalty of £100. HMRC will charge a further £100 penalty if you file your return more than three months late. If your Company Tax Return is late for three or more accounting periods in a row, the initial flat-rate penalty increases to £500 with a further £500 charged if you file your return more than three months late. If you don’t file your Company Tax Return by the later of 18 months from the end of your Corporation Tax accounting or your filing deadline, then HMRC may charge your company further penalties from that date.

Other taxes

For a breakdown of PAYE deadlines and penalties, please click this link http://www.hmrc.gov.uk/paye/file-or-pay/payments/deadlines.htm

For a breakdown of CIS deadlines and penalties, please click this link http://www.hmrc.gov.uk/cis/returns/late-return-pen.htm

For a breakdown of VAT deadlines and penalties, please click this link http://www.hmrc.gov.uk/VAT/managing/returns-accounts/deadlines.htm#5
By April 2012 all vat returns most be submitted online.

You can create a tax deadline calender and sign up for email alerts on the business link website:
www.businesslink.gov.uk/bdotg/action/keydates

Companies House Penalties

Please click the following link http://www.companieshouse.gov.uk/about/gbhtml/gp5.shtml#ch1

HOW TO PAY

INCOME TAX/PAYE/NIC/PSA/VAT – ways to pay

HMRC strongly recommend that you use an electronic payment please following the links below

PAYE & Class 1 NIC
Class 1a NIC
PSA
Income Tax
Corporation Tax

From 1 April 2011, companies will have to submit their Company Tax returns online and pay all Corporation Tax and related payments electronically. Related payments include interest charges on overdue Corporation Tax and penalties for not filing Company Tax Returns on time.

www.hmrc.gov.uk/payinghmrc/paye.htm
www.hmrc.gov.uk/payinghmrc/class1anics.htm
www.hmrc.gov.uk/payinghmrc/psa.htm
http://www.hmrc.gov.uk/payinghmrc/selfassessment.htm
www.hmrc.gov.uk/payinghmrc/corporationtax.htm