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Limited company director responsibilities

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Many contractors in the UK choose to operate as directors of their own limited company. As a director of a limited company, it is ultimately your responsibility to ensure that your company’s statutory filing obligations are met.

 

Your accountant will help keep you informed about which and when documents are due to be filed to assist you in meeting these obligations. However, by law, the director of a limited company is responsible for filing all of the documents summarised below.

We’ve highlighted some of the key dates for filing documents required by HM Revenue & Customs (HMRC) and Companies House. Be sure to make a note of these dates so that your filing is always up to date.

Company annual accounts (financial statements) and corporation tax

Each limited company has filing obligations to both the HMRC and Companies House. The documents representing the company’s performance must be prepared in accordance with accounting principles and practices, and must meet the rules set by the two government entities listed.

In the first year of trading, a company will have two Corporation Tax returns due, because each first period will only be 365 days in length. Typically a second period will then cover a few days up to the end of the anniversary month. By way of example: ABC Limited was incorporated on 15 January 2016, but its accounting year-end is 31 January 2017. Its first corporation tax return will be between 15 January 2016 to 14 January 2017, and a second return covering 15 January 2017 to 31 January 2017. Going forward, the company’s year-end will be at the end of the same month in which the second return was completed.

  • Accounts are due at Companies House nine months after the above year-end period
  • Accounts and a corporation tax return are due at HMRC 12 months after the above year-end period
  • Corporation Tax payments are due at HMRC nine months after the year-end period

HMRC filing:

Incorporated

Year-end date

1st Corporation tax period

2nd Corporation tax period

15 January 2016

31 January (each year)

15 January 2016 – 14 January 2017
Payment due 9 months after

15 January 2017 – 31 January 2017
Payment due 9 months after

Companies House filing:

Incorporated

Year-end date

Filing due

15 January 2016

31 January (each year)

9 months after (so by 31 October following)

Confirmation statements

Each year, at the anniversary of a limited company, a confirmation statement is due to Companies House. This statement is completed online and acts as a verification of the details held at Companies House regarding the owners of the company and related details.

Personal tax

  • Self Assessment returns (i.e. personal tax returns) are due on 31 January of the following year. For example: The 2016 Self Assessment return is due on 31 January 2017.
  • The first payment on account for the current tax year is payable on 31 January in the following calendar year.
  • The second payment on account for the current tax year is payable by 31 July in the following calendar year.

HMRC (PAYE and NI)

  • Real Time Information (RTI) submissions are due on a monthly, quarterly or annual basis, depending on how frequently you draw a salary from the company.
  • Expenses and Benefit Returns P11D and P11D(b) are due on 6 July. These forms are:
    • P11D - Return of Benefit in Kind & Expenses
    • P11D(b) - Statutory Cover Note to P11D

Monthly PAYE and NI payments

  • Due on the 19th of the following month, for example: The payment due date for April 2016 19 May 2016.

Value Added Tax – VAT

  • For most VAT registered companies, every quarter (January - March, April - June, July - September, October - December).
  • There are various VAT schemes that may apply, but for most contractors the Flat Rate VAT scheme is preferable. 
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