Starting a company can be a busy and confusing time, but it is important to remember the ongoing requirements to ensure your company is fully compliant. Any location in the world is acceptable, and there are no regulations mandating that the majority of the share capital must be retained within the UK. The process for non-UK resident directors is the same as UK resident directors.
What Will I Need to File After Incorporation?
Your company director(s) will be responsible for meeting the annual filing requirements for the company. You may also wish to appoint a secretary or use a company who offers company secretarial services, such as 1st Choice Incorporations, to maintain your compliance.
Your annual accounts will need to be filed 21 months after the incorporation of your company, and every subsequent year following.
Company Tax Return
HMRC will send you a notice to deliver a Company Tax Return, you must file this even if your company has not traded or has no Corporation Tax to pay. You may be required to file two returns, depending on your accounting dates. Your Company Tax Return deadline is 12 months after the end of the accounting period it applies to.
Corporation Tax is currently charged at 19% on the profits of your company. Your Corporation Tax bill must be paid within 9 months and 1 day after the end of your accounting period. Even if your company does not make any profits, you must still notify HMRC that there is no Corporation Tax to pay before the deadline.
The purpose of a confirmation statement is to verify that the information Companies House holds on the company and its officers are correct and up to date. This helps to ensure that an accurate record is maintained by the Registrar of Companies. A confirmation statement will need to be made up to a year after the date of incorporation minus one day and filed within two weeks every year after incorporation.
1st Choice Incorporations will send you email reminders before your filing dates but be sure to check your company profile on Companies House for your exact filing dates, as it is your responsibility to meet the filing deadlines. Failure to file can result in penalties and your company being dissolved.
If you need any filing assistance, please do not hesitate to contact us today and we will be happy to assist you.
Watch out for part 2 of this blog which will explore the implications of failing to comply with filing requirements.