Annual accounts, also known as statutory accounts or financial statements, are comprehensive reports that provide a snapshot of your company's financial performance and position over the past fiscal year. These accounts typically include a balance sheet, profit and loss statement, cash flow statement, and notes to the financial statements.

Submitting annual accounts to Companies House is a legal requirement for all UK registered companies, including limited companies, LLPs (Limited Liability Partnerships), and certain other types of entities. 

The due date for filing annual accounts with Companies House depends on various factors, including your company's accounting reference date (ARD) and the type of company structure. Generally, private limited companies and LLPs must file their annual accounts within nine months of the end of their financial year. However, the deadline may vary for certain entities, so it's essential to check your specific filing requirements.

Missing the deadline for filing annual accounts can result in severe penalties, including fines and potential legal consequences. Therefore, it's crucial to ensure timely submission to avoid any unnecessary complications.

As your trusted accounting partner, we are here to assist you every step of the way, from preparing your annual accounts to filing them with Companies House. Our team will work diligently to ensure that your accounts are accurate, compliant, and submitted on time, relieving you of the administrative burden and allowing you to focus on your core business activities.

A corporation tax return is a document that must be submitted annually to HMRC by UK registered companies, including limited companies and certain other entities liable for corporation tax. This return provides details of the company's taxable profits, gains, and other relevant financial information for the accounting period.

Key components of a corporation tax return typically include:

• Details of the company's income and expenses
• Calculations of taxable profits or losses
• Adjustments for tax reliefs, allowances, and deductions
• Capital gains or losses
• Other relevant tax-related information

The corporation tax return must be filed electronically using HMRC's online filing service or through accredited software. It's essential to ensure accuracy and compliance with HMRC regulations when completing and submitting the return to avoid penalties and legal consequences.

The due dates for filing a corporation tax return vary depending on several factors, including the company's accounting period, size, and financial year-end. Generally, companies must file their corporation tax returns within twelve months after the end of their accounting period.

It's essential to be aware of these deadlines and ensure timely compliance with HMRC requirements to avoid penalties and interest charges for late filing or payment.

As your trusted accounting partner, we are here to assist you in preparing and filing your corporation tax return, as well as managing your corporation tax payments efficiently and accurately. Please feel free to reach out to us if you have any questions or need assistance with your tax obligations.

Corporation tax payment refers to the payment of tax owed to HMRC based on the company's taxable profits for the accounting period. The amount of corporation tax payable is calculated based on the company's profits after adjustments for allowable expenses, reliefs, and deductions.

For corporation tax payments, companies are usually required to pay their tax liabilities by specific deadlines set by HMRC. These deadlines may vary depending on whether the company is classified as a small or large corporation, and whether they pay their tax liabilities quarterly or annually.

It's essential to be aware of these deadlines and ensure timely compliance with HMRC requirements to avoid penalties and interest charges for late filing or payment.

As your trusted accounting partner, we are here to assist you in preparing and filing your corporation tax return, as well as managing your corporation tax payments efficiently and accurately. Please feel free to reach out to us if you have any questions or need assistance with your tax obligations.

PAYE/NICS payments refer to Pay As You Earn (PAYE) and National Insurance Contributions (NICs) payments that employers are required to deduct from their employees' salaries and pay to HM Revenue and Customs (HMRC) on their behalf. These payments are crucial for funding various state benefits, including the state pension, statutory sick pay, and maternity pay.

Key points about the PAYE/NICS payments deadline:

1. Monthly or quarterly payments: Employers are typically required to make PAYE/NICS payments to HMRC on either a monthly or quarterly basis, depending on the size and frequency of their payroll.

2. Payment deadlines: The payment deadlines for PAYE/NICS contributions depend on whether you're making monthly or quarterly payments:

   • Monthly payments: Payments must reach HMRC by the 22nd of each month (or the 19th if paying by post).
   • Quarterly payments: Payments must reach HMRC by the 22nd of the month following the end of the quarter (e.g., for the quarter ending March, payment is due by April 22nd).

3. Compliance and penalties: It's essential to ensure timely compliance with PAYE/NICS payment deadlines to avoid penalties and interest charges imposed by HMRC for late or missed payments. Penalties can vary depending on the lateness of the payment and the size of the employer.

4. Electronic payment methods: HMRC encourages employers to make PAYE/NICS payments electronically using its online services or accredited software. This ensures faster processing and reduces the risk of errors associated with manual payments.

5. Payment reference: When making PAYE/NICS payments to HMRC, it's essential to include the correct payment reference, which typically consists of the employer's accounts office reference number followed by a suffix indicating the payment period.

As your trusted accounting partner, we're here to help you understand and meet your PAYE/NICS payment obligations effectively. If you have any questions or need assistance with PAYE/NICS payments, please don't hesitate to reach out to us.

A confirmation statement, formerly known as an annual return, is a snapshot of general information about your company that must be filed annually with Companies House. It includes details such as your company's registered office address, directors, shareholders, and SIC (Standard Industrial Classification) code.

Key points about the confirmation statement:

1. Annual filing requirement: Every UK company, including limited companies and limited liability partnerships (LLPs), is required to file a confirmation statement with Companies House at least once every 12 months. This ensures that Companies House has accurate and up-to-date information about your company.

2. Content of the statement: The confirmation statement contains essential information about your company, including details of:

   • Company officers (directors, secretaries, etc.)
   • Shareholders and their shareholdings
   • Registered office address
   • SIC code (describing your company's main activities)
   • Statement of capital (for companies limited by shares)

3. Updating company records: The confirmation statement provides an opportunity to review and update your company's information held by Companies House. Any changes to company details, such as appointments or resignations of officers, changes in share ownership, or amendments to the registered office address, should be reflected in the confirmation statement.

4. Due date for filing: The due date for filing the confirmation statement is typically one year from the date of incorporation for newly formed companies, or one year from the date of the last confirmation statement for existing companies. Companies House will send a reminder when the confirmation statement is due.

5. Penalties for late filing: Failure to file the confirmation statement by the due date can result in penalties imposed by Companies House. These penalties can escalate if the statement remains outstanding, potentially leading to your company being struck off the register.

As your trusted advisors, we're here to help ensure that your company meets its statutory obligations, including the timely submission of the confirmation statement. If you have any questions or need assistance with preparing and filing your confirmation statement, please don't hesitate to contact us.

1. Self-Assessment Tax Return:

   • A self-assessment tax return is a form completed by individuals, sole traders, partnerships, and directors of companies to report their income, capital gains, and claim any reliefs or allowances to HM Revenue and Customs (HMRC).
   • It's used to calculate the amount of tax owed by the individual or entity for a specific tax year.
   • The tax year in the UK runs from April 6th of one year to April 5th of the following year.
   • Self-assessment tax returns must be submitted annually to HMRC by the relevant deadlines.

2. Deadline for Self-Assessment Tax Return:

   • The deadline for submitting a self-assessment tax return online is usually January 31st following the end of the tax year.
   • For example, for the tax year ending 5 April 2024, the deadline for submitting the self-assessment tax return online would be 31 January 2025.
   • If submitting a paper tax return, the deadline is earlier, typically October 31st following the end of the tax year.

3. Deadline for Tax Payment:

   • Any tax owed as a result of the self-assessment tax return must be paid to HMRC by January 31st following the end of the tax year.
   • For example, for the tax year ending 5 April 2024, any tax owed must be paid by 31 January 2025.
   • It's important to ensure that tax payments are made on time to avoid penalties and interest charges from HMRC.

In summary, the self-assessment tax return is used to report income and calculate tax liabilities, and it must be submitted annually to HMRC by the relevant deadline. Any tax owed as a result of the tax return must also be paid to HMRC by the same deadline to avoid penalties.

Payments on account are a way for taxpayers in the UK to spread the cost of their tax bill by making two advance payments towards their tax bill for the following tax year. These payments are based on the previous year's tax liability and are due in two installments: one in January and the other in July. Here's a breakdown of payments on account:

1. Calculation: Payments on account are calculated based on the tax liability for the previous tax year. Each payment is typically 50% of the previous year's tax bill.

2. Due Dates:

   • The first payment on account is due by January 31st of the current tax year.
   • The second payment on account is due by July 31st of the current tax year.

3. Adjustments: When making payments on account, taxpayers should consider any changes in their circumstances that might affect their tax liability for the current tax year. If they expect their tax bill to be lower in the current year compared to the previous year, they can request to reduce their payments on account.

4. Balancing Payment: After the end of the tax year, taxpayers must submit their Self Assessment tax return, which includes their actual tax liability for the year. If the payments on account made during the year are more than the final tax liability, the taxpayer will receive a refund. If the payments on account are less than the final tax liability, the taxpayer will need to make a balancing payment by January 31st following the end of the tax year.

5. Exceptions: Certain taxpayers, such as those whose tax bill is less than £1,000, or those who have already paid more than 80% of their tax through Pay As You Earn (PAYE) withholding, may not be required to make payments on account.

In summary, payments on account are advance payments towards the next tax year's tax liability, based on the previous year's tax bill. Taxpayers should be aware of the due dates for these payments and consider any adjustments based on changes in their circumstances. Failure to make payments on account on time may result in interest and penalties from HM Revenue and Customs (HMRC).

Capital Gains Tax (CGT) is a tax levied on the profit made from the sale or disposal of certain assets, such as property, investments, or businesses. Here's an explanation for your clients:

1. What it covers: CGT applies to the gains made when selling or disposing of assets that have increased in value since they were acquired. This includes:

   • Property that is not your main residence (such as buy-to-let properties)
   • Shares and investments
   • Business assets

2. Calculating CGT: The amount of CGT payable is calculated by subtracting the original purchase price (known as the 'base cost') from the selling price, then deducting any allowable expenses or reliefs. The remaining gain is then subject to CGT at the applicable rates.

3. Rates: The rate of CGT depends on the individual's total taxable income and the type of asset sold. For the tax year 2023/24, the standard CGT rates are:

   • 10% for basic rate taxpayers
   • 20% for higher and additional rate taxpayers
   • 18% and 28% for residential property (depending on income)

4. Due Dates: The deadline for paying CGT depends on when the disposal occurred:

   • For disposals made between April 6th and October 5th, the deadline for paying CGT is January 31st of the following tax year.
   • For disposals made between October 6th and April 5th, the deadline is January 31st of the tax year after that.

5. Reporting: CGT must be reported to HM Revenue and Customs (HMRC) via a Self Assessment tax return. This involves declaring any gains made during the tax year and calculating the tax owed.

6. Allowances and reliefs: Individuals are entitled to an annual tax-free allowance called the Annual Exempt Amount (£12,300 for the tax year 2022/23). There are also certain reliefs and exemptions available, such as Entrepreneur's Relief or Private Residence Relief, which can reduce the amount of CGT payable.