Compliance with HMRC and Companies House is vital and for any business or self employed person and it is essential that deadlines are met for filing tax returns, providing information to Companies House to name but a few.  At Select Business Solutions, we are very pro-active when it comes to getting the information that needs to be provided, done before any filing deadlines pass.  We always use online filing for everything we do which gives us an email receipt to confirm our actions and ultimately gives our clients peace of mind.  Listed below are some types of Compliance Filing and the deadlines for doing so:

* Self Assesment Tax Return - Filed online by 31st January each year or by 31st October if filed by paper.  The penalty for failing to comply is £100 initially

* Paying Self Assesment Tax - To be paid by 31st January each year and any Payment's On Account to be Paid by 31st January and 31st July.  Payments on Account are payments made to HMRC to contribute towards the following years tax liability.  This is based upon you tax liability for the most recent tax year and is divided in two to be paid in January and July.  If your tax liability is higher than the Payments on Account made then you simply have to make a Balancing Payment by 31st January of the next tax year.  If your annual Tax liability is below £1000, you will not be required to make Payments on Account

* Filing Annual PAYE P35 Returns - This is done annually and the deadline is 19th May following the tax year ended 5th April.  For failing to provide the P35 Return, there is a penalty of £100.  Any PAYE, NI and CIS Tax deducted from employee's and sub contractors must be settled by 19th May to avoid interest and surcharges, however, these taxes should be paid by 19th of each month throughout the tax year to avoid any action during the year from HMRC.  P60's must be handed to ALL employee's no later than 31st May each year by law.

* Filing Corporation Tax Returns - When your business is a Limited Company, you have 12 months following the company year end, to file the Corporation Tax Return.  The CT Return must be filed online and a copy of the Annual Accounts must be attached with the return.  New rules came into force in April 2011 which meant ALL Limited Companies had to file the accounts with the CT Return in a format called iXBRL.  This means that specialist conversion software is required, something which Select Business Solutions has recently invested in.  For failing to file a CT600 return within 12 months of the year end, there is a £100 fine payable.  This also applies to returns filed within the deadline but without Accounts in the required iXBRL format.

* Paying Corporation Tax - Every Company should pay their Corporation Tax Liabilities with 9 months and 1 Day of the year end for their Company.  Therefore, if you are a Limited Company with a 31st March year end, any Corporation tax due should be paid by 1st January the following calendar year.

* Filing Annual Accounts with Companies House - All Limited Companies and LLP's are required to file Statutory Accounts with Companies House within 9 months of the year end.  For failing to do so, the filing penalty is £150 for the first month that the accounts are late, rising to £375 if the accounts of over 1 month due.  These penalties keep rising every three months thereafter! 

These are just some examples of filing requirements, formats to file these returns and the penalties for not complying with the rules.  Select Business Solutions will ensure that these tasks are carried out for your business every year once the Annual Accounts have been completed and signed off.