Tax Advice

What are the tax and return deadlines for a new business?

03 Dec 2015

Start Up accounting advice

The launch of a new business is an exciting time for everyone involved, but at the risk of raining on your startup’s parade it is important to point out that with every great endeavour comes new responsibilities. All actively trading companies have an obligation to file annual accounts with Companies House and an annual tax return with HM Revenue and Customs, and your new startup is no exception.

Failure to file your annual accounts and tax return by the correct deadlines could result in costly late payment penalties; here’s how to make sure that doesn’t happen.

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New business accounts obligations

Your first year’s statutory accounts usually cover a little more than 12 months, because they start on the date your new company was incorporated and run until the last day of the month one year from the date of incorporation.

The normal deadline for filing annual statutory accounts with Companies House is nine months after your financial year ends. For your first year accounts, this means your deadline will be 21 months after the date your company was incorporated.

Overdue Notice 2

If you miss this deadline you will normally have to pay a late penalty to Companies House, which can amount to £1,500 if your filing is more than six months late. However, if an event that is outside your control prevents you from filing your accounts on time, and you apply for an extension before your company’s deadline, Companies House may offer you more time to file. Email or write to Companies House to explain why you are going to miss the filing deadline and how much more time you will need. 

Greg Milne


Business Development Manager

0207 043 4000

About the author

Greg came to Accounts and legal as an entrepreneur to help entrepreneurs.

In the final year of his business and journalism degree in Glasgow, Greg launched his first fashion store in his home city in Glasgow at the age of 21. 

For the next 7 years Greg launched 3 different fashion brands throughout Scotland, with locations on some of the most recognisable streets north of the border. Alongside his stores he worked as contributing editor on various small indie fashion magazines and was represented by colours management as stylist and creative director, working with brands such as Anthropology and Marks and Spencer.


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