Company accounts and Corporation Tax

What a company has to file

• Statutory accounts for Companies House, usually nine months after the year end
• A Corporation Tax return to HMRC, generally twelve months after the year end
• The Corporation Tax payment itself, which falls earlier than the return, normally nine months and one day after the year end
• A confirmation statement each year, keeping your company details current
• Payroll and self assessment for the directors, where they apply

Note that the tax is payable before the return is due. That catches a lot of first-time directors, and it is the single easiest way to end up with unexpected interest.

Salary, dividends and what you take out

How you draw money from your company affects what you pay personally and what the company pays. There is usually a sensible balance between salary and dividends, and it depends on your profits, your other income and what you need to live on. We work it through with you rather than applying a rule of thumb.

Starting a company

If you are thinking about incorporating, talk to us first. Being a limited company suits many businesses but not all of them, and the decision is easier to make at the start than to unpick later. If it is right for you we can handle the formation and the registrations that follow.