Beyond filing, paying your tax late can also generate some serious consequences. The main issue is interest over time, but you can also wind up with some additional surcharges. Keeping a close eye on your deadlines is essential for the smooth operation of your limited company.
There are 7 main filing deadlines:
1. Self-assessment tax return deadline - 31st of January for the preceding tax year
2. VAT returns - these must be filed and paid quarterly, no more than 5 weeks after the quarter end
3. PAYE Real Time Information returns - must be filed monthly, despite the fact that HMRC does not use them in 'real time' as the name implies
4. Corporation tax - must be paid 9 months and one day after your year-end
5. Corporation tax return - must be filed with HMRC no more than 12 months after your year-end, despite the fact that your actual payment is due earlier.
6. Company accounts - must be filed with Companies House 9 months after your year-end
7. Confirmation statement aka Annual Return - this must be filed yearly with Companies House on the anniversary of your company's incorporation.
Many people find themselves struggling to file everything at the very last minute, but these filing deadlines are very generous. These calculations are not something you can do in a few minutes the night before the deadline, so make sure that you leave yourself plenty of time.
Waiting until the last minute often causes panic, and panicking generally makes it harder to be complete accurately. Even accountants don't enjoy working last minute, although they may enjoy the extra fees they charge from last-minute filers!
Setting reminders for yourself in your calendar can help prevent last-minute panic, and you can also set up reminders for yourself through Companies House and the HMRC gateway. With all these reminders, there's no excuse for missing your deadlines!