What do I need to file as a UK limited company?

If you either have a UK limited company or are looking to set one up, there are a few filing obligations you will need to adhere to…

Statutory accounts

As a limited company a set of financial statements are required to be filed at Companies House annually, usually 9 months after the financial year end (limited to 6 months for publically listed entities).

The amount of information that requires disclosure is dependent upon the size of the company with most small entities only having a requirement to file abbreviated accounts. This abridged version of the full statutory accounts will only include a balance sheet and a limited number of notes with no disclosure of the profit and loss account required at all.

Disclosure becomes more onerous as the size of the company increases moving through disclosure of gross profit through to the filing of full accounts for ‘large’ companies.

Will I require an audit?

Most UK based companies fall into the SME category and therefore are exempt from a statutory audit.

However if your company satisfies 2 of the following 3 criteria, it must have its financial statements audited by a practicing auditor regulated to carry out such assignments.

  • Annual turnover in excess of £6.5m
  • Gross assets (fixed assets plus current assets) greater than £3.26m
  • More than 50 employees

Even if the company qualifies for exemption on the above test, it may still require an audit if it is a subsidiary of a qualifying company, has its shares listed on a regulated stock exchange or its operations are regulated by the FCA.

Certain other conditions may also mean that the company qualifies for audit so it is advisable to get opinion from a qualified UK accountant.

Corporation tax return CT600

Every trading company is also required to file an annual corporation tax return 12 months following the financial year end with payment due 9 months and 1 day after the year end.

Your accountant will prepare a computation starting with the accounting profit and making the necessary adjustments to arrive at a taxable profit. The relevant tax rate (20% – 21% depending upon profits) will the be applied to compute the tax due.

VAT returns

The standard rate of VAT for vatable supplies in the UK is 20%.

For companies that need to be VAT registered, returns are generally required to be filed quarterly, c1 month after the end of each reporting period.

Filing can be amended to monthly intervals upon request and is usually the preferred option of companies receiving regular refunds of VAT.

Do I need to file P11d’s?

If your company provides benefits or reimburses expenses then your company may be required to submit P11d forms annually for each employee affected. A P11d(b) form may also be required which reports the amount of Class A National Insurance due on any benefits and is a declaration that all P11d forms have been completed and submitted.

What is an annual return?

Every UK company registered at Companies House is required to file an annual return every 12 months. This is a document that lists the registered office, directors and company secretary particulars and shareholder details.

Filing dates vary from company to company but a reminder letter is sent to the registered office in advance of the annual deadline.

Your next step…

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