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. 

Sylwia Kotarba-Harris


Associate Director

0207 043 4000

About the author

In addition to a BA (Honours) in Accounting, Sylwia also has a law degree, becoming legally qualified, deciding not to pursue career as a solicitor and instead reverted back to accounting.

Before opting for accountancy, Sylwia worked in various commercial roles, including sales for a prestigious business organisation, business development and high level client care/management skills at Gordon Ramsay’s head office, working as a VIP liaison.

Sylwia is a member of ACCA and joined Accounts and Legal in 2015. Her clients range from software development consultants to multinational wholesalers. Notably, Sylwia recently worked with a London gym and a new chain of supermarkets.

Outside of work she enjoys travelling more than anything else, having visited 5 continents in the last 2 years.


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