Is it a requirement for Ltd companies to file their accounts with Companies House?

Every limited company must submit its accounts to the Companies House, regardless of whether it has been successful, operational, non-operational, or breaking even. For more information pertaining to HMRC accounts or tax-connected matters, you will need to reach out to HMRC in person.

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How long will it take for accounts to appear on Companies House?

The Companies House strives to process all accounts filed online within 24 hours. Paper documents delivered by POST can take a week or more to process; therefore, it will take time before you can discover whether they have been accepted or declined.

Does Companies House accept the late filing of accounts due to Covid 19?

The Companies House grants extension to qualified companies provided they explicitly state how the issues surrounding COVID-19 are derailing filing in their application. Late filing of accounts attracts hefty penalties, so it is necessary to get it done on time. In order to avoid missing the set deadline, get in touch with Companies House Service (CHS) to learn of your filing deadlines.

When Must accounts be delivered at Companies House?

For example, business accounts running from 1st January 2020 to 31st December 2020 are ripe for submission. These accounts must be delivered at the Companies House no later than 30th September 2021 if a company is to escape a penalty.

Regardless of the status of your company, you must file your accounts. You will need to supply us with a single copy of your company’s accounts.

We advise filing of accounts in advance as some of our employees have been forced to proceed to leave in a bid to comply with the government coronavirus (COVID-19) directive. For this reason, it might take time to process documents conveyed to us by POST.

Filing online saves most companies money and time

Settle on an option that works best for your company

To file your accounts online, you need to have a company number and authentication code. Companies are issued with the authentication code, which is a six-digit alphanumeric code by the Companies House. To find out more about this, visit https://www.gov.uk/guidance/company-authentication-codes-for-online-filing

For companies filing their accounts through an agent or account, contact them and request them to file online.

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What happens if you fail to file your accounts with Companies House?

If the deadline passes and you have not filed your accounts with Companies House, brace yourself for hefty penalties. Failure to file your accounts on time for two consecutive years attracts a double penalty. You can be penalized, and your company gets de-registered if you fail to file your accounts with Companies or fail to send a confirmation statement.

Is it a requirement for a dormant company to file accounts

It’s normal for directors of a dormant company to pay little to no attention to the operations of their business, but this doesn’t mean they should not file their accounts with the Companies House. Failure to do so would attract hefty penalties to their ailing company, which would prove more costly. Companies House recommends owners of dormant companies file their annual accounts with it and also share with them annual confirmation statements. This should be the routine until the company resumes or ends its operations.

Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

Who must submit a confirmation statement to companies house?

Each year, all limited liability firms must submit a confirmation statement. We’ll go over some of the ramifications of failing to provide a confirmation statement in this blog post. Let us first go over what a confirmation statement is for.

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What is the purpose of submitting a confirmation statement by a company?

Director’s affirmation that the information Companies House has on a company is accurate and up-to-date is the essence of a confirmation statement. Confirmation statements must be filed by all companies, even if they are no longer active or dormant.

Directors are required to provide a confirmation statement every 12 months, even if all the material is the same. A review period occurs every 12 months. Many issues can arise for the corporation and its directors if the submission date is missed.

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What happens if you don’t submit a confirmation statement?

Under section 853A of the Companies Act 2006, company directors are legally required to file confirmation statements. Failure to do so might result in personal culpability, penalties, prosecutions, and possibly the removal of the company from the register.

Section 853L of the Companies Act 2006 deals with the issue of failing to file a confirmation statement. It is an infraction under this section if a company fails to provide a confirmation statement on time by

• The organization

• Every firm director (including shadow directors),

• Whether it’s a privately held corporation or a publicly-traded one, every secretary and

• All of the company’s other indebted officers

It is possible to be prosecuted for failing to file a confirmation statement under the Companies Act 2006 if a company fails to comply with this requirement. Each of the company’s officers faces a fine of up to £5,000. Disqualification orders can be issued to directors, barring them from serving as company officers for a predetermined period. Strike the company of the list is another option.

Confirmation statements are a criminal offense and directors can be penalized in criminal courts if they fail to file them. Any criminal prosecutions for failing to file confirmation statements are distinct from and in addition to any penalties imposed by Companies House on the limited company for a late submission.

How late can you submit a confirmation statement?

If a confirmation statement is submitted late, it will not be penalized for being filed late. If you miss the deadline, you won’t be fined, but the firm could be removed from the public register if legal procedures are brought against you.

Can you resubmit a statement of confirmation?

Re-filing with the updated confirmation statement and the revised version of the form RP04 should be used if an incorrect confirmation statement is accidentally submitted with your application. Delivering a second file can be done in a variety of ways. Using the Web Filing service.

Is a dormant company required to provide a confirmation statement?

Companies House requires a confirmation statement to be supplied. Annual accounts for dormant businesses should be sent to Companies House. Although dormant corporations are required to file financial statements, their accounts are far easier to read and understand than those of active businesses.

Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

Defining the VAT Default Surcharge notice

HMRC imposes a Default Surcharge as a civil penalty to “encourage” firms to file their VAT forms and pay the tax owing on time.

By law, VAT-registered firms must file their returns and make the necessary VAT payments by the due date.

If HMRC does not receive your return and all of the VAT owed by the due date, you will be in default.

The relevant date is when cleared monies are received in HMRC’s bank account. Payment must be paid on the previous working day if the due date is not a working day.

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Is it true that a VAT surcharge is a penalty?

There is presently no separate penalty for late VAT filing. Instead, the Default Surcharge, which is a combination of late submission & late payment penalties, is applied. The taxpayer receives a Surcharge Liability Notice for the first late return, which is valid for a year.

What happens if you fail to file your VAT return?

You’ll face more than a late payment penalty if you don’t file your VAT return to HMRC on time. You’ll have to pay interest on it until it’s paid off.

You may, however, get a Surcharge Liability Notice based on your prior VAT payment history (SLN)

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What is the penalty for paying VAT late?

If your VAT Return is incorrect, HMRC can levy you a penalty (ranging from 15% to 100% of the outstanding amount owing).

How do I write an HMRC dispute letter?

Write to HMRC and explain why you believe the amount you must pay should be revised, as well as how the additional evidence supports your position. Send your message to the address on the letter from HMRC stating that your repayment will not be changed. Any new evidence should be photocopied.

Is it possible to submit my VAT return late?

If you file a late return and pay your VAT in full by the deadline, you will not be charged a penalty. I don’t have to pay any taxes.

are owed a VAT refund

What does “fair excuse” imply?

You will not be charged a fee if you have a reasonable justification for not paying on time and correct the problem before the excuse expires.

Because there is no legal term of reasonable excuse, the facts of your case will decide it.

A reasonable excuse is anything that prevented you from completing a tax obligation on time, notwithstanding your best efforts.

The existence of a valid justification is determined by the specific circumstances surrounding the failure.

Reconsiderations and appeals

If you disagree with our conclusion that you are subject to a surcharge or the method used to compute the fee, you may:

• Request a review of your case from us.

• Have your case considered by a tax tribunal that is independent of the IRS

If you want us to look into your case, you must write to us within 30 days after receiving the Surcharge Liability Notice Extension, explaining why you disagree with our judgment.

You are not required to write to us. An accountant or adviser can do this for you if you have permitted us to act on your behalf.

You might, for example, request that we examine the default if you believe that:

• We applied the erroneous rate of surcharge.

• The wrong amount of VAT was utilized when computing the surcharge.

• There are extraordinary circumstances that warrant the default being removed.

If you disagree with the conclusion of our review, you can still appeal to the tribunal.

Corporation Tax Registration

The vast majority of companies apply as an employer both for PAYE and Corporation Tax time as they register with Companies House.

To submit your firm’s payment or return of taxes, log in to HMRC online services if you haven’t previously done so. You can set up an account if you don’t already have one.

If you registered your firm, you’ll have to apply for Corporation Tax individually by:

• post
• through an agent
• third-party software

Within three months of launching a business, you should register. Buying, selling, marketing, renting a place, and recruiting someone are all examples of this. If you’re not sure what qualifies as starting a business, you can look it up.

If you are late to register, you may receive a penalty.

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How to Register

To register, log into your firm tax account and simply follow the instructions found in your account.

To sign in, prepare your Government Gateway user ID and password. You can create one right after you sign in if you don’t have one.

You also need the 10 digits number or Unique Taxpayer Reference (UTR) of your business. The HMRC (HM Revenue and Customs) mails this to your business address registered to Companies House in a span of 14 days.

If you haven’t received your UTR when you registered, you can acquire one online.

What you should inform HMRC

You should tell HMRC the following information when registering:

• registration number of your company
• the date that your was business launched (the first accounting period for your company will begin on this date)
• the due date of your annual accounts

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What will happen next?

HMRC will notify you of the Corporation Tax payment deadline.

Even if you suffer losses or doesn’t have a Corporation Tax to pay, you should still submit a file of your Company Tax Return.

In the future, you’ll be able to find your UTR.

Your UTR then appears on all HMRC correspondence and online services: Take note of it as you will need it:

• to submit a Corporation Tax inquiry to HMRC

• to use commercial software to send your company’s tax return

Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

Why have I Received a First Gazette notice for Compulsory Strike Off

If you receive such a Gazette notice, that means that your company is going to be removed from the Companies House, and that will also mean that your company will cease to exist as a legal entity. This strike-off notice allows three months of leeway before it’s removed from the official register due to non-payment of tax or failure to file the company accounts.

Generally, there are two ways for a company to be struck off from the Companies House registry. One way is through voluntary dissolution because the company directors decided the company has no further use. The second way is because a third-party petitioned for compulsory dissolution.

However, when it comes to the compulsory strike-off, this event is typically initiated by the Companies house because of the non-filing of the annual confirmation statement or company accounts. The strike-off will be published in the Gazette. From then on, there will be a two-month period in which anyone can object to the strike-off. Otherwise, the company is going to be removed from the official registry.

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My company has been served with a first Gazette notice for compulsory strike-off – what should I do?

The first thing you should do is to assess what your plans are for the company. If the company is of no further use to you, then just allow the process to run its full course. Keep in mind that the strike-off application can still be objected to if your company has outstanding liabilities or debts.

On the other hand, if you want your company to continue, you will have to contact the Companies House and lodge a suspension application to request that the strike-off application be shelved. You also need to know the primary reason for the strike-off application so you can rectify it.

In most cases, you need to bring the company accounts up to do. This typically involves filing confirmation statements or missing accounts. It’s imperative that you all do this before the ‘grace’ period expires. Otherwise, you’ll end up with a huge mess in your hands.

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About the compulsory strike-off, can you choose not to stop it?

You have the option of allowing the company to be formally and officially closed and be removed from the registry. If there are outstanding liabilities and/or debts, then you will need to follow the route of Company Liquidation.

What are the consequences you will be facing with a compulsory strike-off?

Generally, any assets of the company (e.g., buildings, stocks, cash) will become the crown’s property. For the directors, they will be barred from becoming a director for the next 15 years because they have failed to act properly and effectively.

If a company is compulsory struck-off, what happens?

If that happens, the company does not exist legally and officially. Hence, it will cease all trades, and the crown will acquire the company assets. Keep in mind that only solvent companies can undergo a process of dissolving. As mentioned above, if the company still has debts and liabilities, the company must undergo a different route. Usually, that route is through legal dissolution through the office of Company Liquidation.

Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.

Receiving A Corporation Tax Reminder Letter From HMRC

When the due date for your Corporation Tax bill is approaching, you will receive this letter as a reminder to send in payment for it. Take note that this is payable nine months and a day after your filing date, so if your accounting period finishes on the 31st of March, the payment is due on the 1st of January the following year. You may use the payslip to send along with your cheque to HMRC and file the letter with them.

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Tell HMRC no payment is due.

You should notify the HMRC if you have no outstanding debts to the government. If you do not make your payments on time, HMRC will issue payment reminders.

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Does HMRC send Corporation Tax reminders?

You can inform HMRC in one of two ways:

• completing the ‘no obligation to pay’ form

• returning the payslip with the note ‘NIL due’ that HMRC gives you on the reminder letter.

You are still required to file your company’s tax return.

What happens if you pay Corporation Tax late?

HMRC will charge your corporation interest if you pay your Corporation Tax late, do not pay enough, or do not pay at all. Interest is assessed from the day after the tax.

This interest will be paid until the tax is paid in full (i.e., usually nine months and one day after the end of your accounting period).

How do I work out my corporation tax payment reference?

The 17-digit reference is comprised of the ten-digit UTR + the sequence “A001” + a two-digit number (indicating the year in which the company’s year-end occurs) + the letter “A.

The UTR is the first digit of the reference. The 17-digit reference is issued to the firm, and the notification to produce a return (Form CT603) is delivered immediately after an accounting period concludes.

Can you delay the corporation tax payment?

Payment of corporation tax has been delayed. Generally, you will be required to pay your company’s tax bill nine months and one day after the end of your accounting period has passed in the majority of circumstances. If your payment is received late or incorrectly, HMRC may charge you a late payment interest rate of three percent (3% per month). This will be deducted from your corporation’s tax bill later in the year.

What happens if company accounts are overdue?

You will be subject to financial penalties if you fail to file your accounts with Companies House by the deadline. The penalty will be quadrupled the second year,  if you are late on your accounts for two years in a row.

Furthermore, suppose you fail to submit your reports or confirmation statement to Companies House on time, In addition to facing a penalty. In that case, your company may be forced to close its doors permanently.

Is your Corporation Tax payment reference the same every year?

You will require a pay reference with 17 digits to pay company tax. HMRC utilizes this information to determine how the money should be distributed. The first ten numbers are the company’s unique tax identification number (a UTR). The last seven digits of the number refer to the current tax year.

Is Corporation Tax reference the same as UTR?

Unique Transaction Reference (UTR) is a 10-digit number is sometimes referred to as a ‘tax reference’ or a ‘Corporation Tax reference’ by the corporation.

Gm professional accountants have offices located in London Canary wharf, London Wimbledon ,Ilford Essex and Birmingham.