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When Do Specific Forms Need to Be Submitted - UK Company?

Discussion in 'Business & Tax Advice' started by Webify, Jan 24, 2010.

  1. Webify

    Webify BANNED BANNED

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    Hey there,

    I recently formed a UK limited company however, this is my first time and I don't know much about the regulations and what not that come with it.

    I was wondering if any fellow Brits, or indeed general knowledgeable people, could tell me what forms need to be submitted each year and when?

    Many Thanks.
     
  2. drax2009

    drax2009 Registered Member

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    Ok, just some general stuff
    First - are you VAT registered - the turnover threshold is £60k pa I think. If your turnover will be less than that then don't bother as its a hassle but not being VAT registered could prevent some businesses dealing with you as they cant claim back VAT on your invoices. If you are VAT registered its a quarterly payment that's needed, and your accounts will be a bit more involved.
    Next,you need to inform HMRC - ie the tax man. Every year you will need to file a P14 end of year summary that lists all NI and PAYE contributions. You should also keep payments up to date every quarter (if your wages bill is small ie you owe them less than £1500 a month). They supply a payment book for this or you can file online
    Every year you need to submit an annual return to companies house showing shareholdings and trading terms etc - this can be done online and costs £15
    Of course, once a year you need to submit your accounts to Companies House (again online) and normally just abbreviated accounts for small businesses.
    Last (I Think) you need to pay any Corporation Tax due, this is done once a year and is a percentage of net profits.

    Now I'm not an accountant, I just own a small business , so don't take any of this stuff as legal advice or otherwise, but its not far off the mark.

    My best advice, hire a good bookkeeper, do your accounts stuff every month religiously and dont fall behind on payments. If you do (as I admit I did once) contact HMRC immediately and work out a deal with them - they're actually not too bad. The Govt send out some hefty fines for late payments, filings etc that can be avoided by tackling the problem before it happens.

    Good luck - starting a small business can be a nightmare, but its worth it in the long run
     
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    Last edited: Jan 24, 2010
  3. Webify

    Webify BANNED BANNED

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    Wow thanks for that very informative reply :). When you say once a year, is that from the date your starting trading? Or a set date for all UK businesses?
     
  4. drax2009

    drax2009 Registered Member

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    Its from the start of your accounting year - normally the day your bank account is opened but you can actually set any date you want as far as i know