As we spring into March the time for the dreaded End of Year Returns looms closer. The end of the Tax Year is officially 4th April, and 31st March is the most common Financial Year End for many businesses to coincide with the Tax Year.
It’s one month until we reach that date and here’s a gentle reminder of the actions you need to take, the deadlines you must meet, and how Lamberts can help with your paperwork.
Gov.uk advises that after the end of its financial year, a private limited company must prepare:
full (‘statutory’) annual accounts
a Company Tax Return
You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC), and you can also use them to work out how much Corporation Tax to pay. More importantly, there are deadlines that you must meet to avoid penalties and fines for late filing.
If you are a new company filing your first set of accounts, these must be filed with Companies House within 21 months after the date you registered the company.
You must pay Corporation Tax on profits from doing business. You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.
You can file your Annual Accounts and Tax Return with Companies House and HMRC together or separately.
To complete your Annual Accounts, and of course your VAT Returns, you will need records of all your income and expenditure throughout the year. You have hopefully retained copies of all the invoices you have generated, and your bank statements to show which have been paid. The bits that go missing more often than not are the receipts for all the items you have purchased – those that you can claim as a legitimate business expense.
At Lamberts we know how easy it is for receipts to go missing. As a valued customer we are able to provide you with receipts and statements for everything that you have spent with us over the last 12 months. It’s simple if you are a Lamberts account customer - just log in to your online account via our website. Here you will be able to download all the information you require about recent purchases you have made from us.
If need any records older than 12 months (and up to 7 years), or you don’t have an online account but have purchased from us, we are still likely to able to provide you with the information – just give us a call and let us know what you’re missing, and we’ll have a look and try to fill the gaps!
If you are self-employed or a partnership and are missing some Lamberts receipts, you too are very welcome to give us a call.
03300 535598
www.lamberts.co.uk
Louise Henry
Company Accountant
Please note: The above is just an overview and more detailed information on filing accounts and returns can be found on the Government website
Look after the pennies and the pounds will look after themselves – as true today as its always been! And there’s some very simple steps that can be taken to reduce daily running costs of any business, across all departments.
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