UK filings and changes to company year-ends

Guidelines for filings in the UK:

The filing deadlines for accounts vary depending on the type of account and the jurisdiction. Here are some general guidelines:

Limited companies:

Annual accounts for companies:

1. 21 months after the date you registered with Companies House OR
2. 9 months after the accounting reference date (year-end)

Corporation tax returns: 12 months after the end of the accounting period.

VAT returns: Due on the 7th day of the month following the end of the VAT quarter (3 months).

Charities:

Annual returns must be submitted within 10 months of the end of your financial year.

Individuals:

Tax returns: Due on 31 January following the end of the tax year (6 April – 5 April).

P11D submissions: 6 July

VAT returns: Due on the 7th day of the month following the end of the VAT quarter (3 months).

Changing company year-ends:

Implications of changing year-ends:

Changing your year-end can have significant implications for your business, including:

Tax Implications: Different year-ends can affect the timing of your tax payments.

Financial Reporting: Altering your year-end can impact the frequency and timing of your financial reports.

Business Operations: Changes in year-ends may require adjustments to your accounting systems and business processes.

Reasons for Changing Year-Ends:

Common reasons for changing year-ends include:

Aligning with Industry Practices: Some industries have standard year-ends that can simplify comparisons and benchmarking.

Improving Cash Flow: By strategically timing your year-end, you may be able to optimize your cash flow by deferring tax payments or accelerating deductions.

Business Cycle Alignment: If your business has seasonal peaks or troughs, aligning your year-end with these periods can provide a clearer picture of your financial performance.

Administrative reasons: Aligning accounting dates with other companies in the same group.

For more help or information, please contact your local Perrys branch.