There are a number of forms that a business is required to complete on an annual basis, and there are some that are required more often than this. These forms are issued by HMRC and need to be completed accurately or the business could face a penalty in the form of a fine. The good news is that there is also guidance available for each form to help you know what you need to complete and when.
CT14G – Corporation Tax
The CT14G form is sent when Companies House notifies HMRC that a new company has been formed. This form collects all the information that HMRC requires to get tax affairs into order for the new business and all relevant sections of the form are required to be completed in full. The form is completed if the business has had any activity and can also be used to notify of a dormant company that has been formed, but it is not yet trading. If the company is using an agent, this can also be advised on the form.
Information you will need to complete the form:
- Date of company formation (this is the start of the first accounting period for the business)
- Company name
- Reference from Companies House when company formed
- Address of the principle place of business if different from the registered address provided to Companies House
- What the company does
- The date the company draws up its accounts
- Details of the person the business was bought from if relevant
- Name and address of all directors
- Details of an agent if one has been appointed
- PAYE office and reference number if relevant
- Copy of Memorandum and Articles of Association
- Details of Charity Commission registration if the business is a charity
- Corporation Tax – Dormant Company
If you are submitting form CT14G and stating that the company is to be held dormant and therefore not making any income at this stage, then you will need to complete the Dormant Company Section of the CT14G form. This takes down information such as when the company will become active if known, if the company is a shelf company and if the company was formed to protect a company name with no intention of becoming active etc.
Companies House and HMRC set the due dates for filing in different ways. You will have an ‘Accounting Reference Date’ given to you by Companies House, which is normally the last day of the month in which your company was incorporated. So for example if you formed your company on the 6th August, your Accounting Reference Date will be 31st August the following year.
HMRC will give you an ‘Accounting Period’ for your company tax return and corporation tax. This usually begins when you start your business, and will end on your Accounting Reference Date.
As a director of a limited company it is your job to legally submit a Self Assessment of your personal finances to HMRC on an annual basis. Your self-assessment return will be due by 31st January each year, but you can choose to file once you have your p60 from the previous tax year. Most tax advisors will recommend that you submit your self-assessment sooner rather than leaving it until closer to the deadline. HMRC are well known for being very busy during tax season, so if you have any queries regarding your self-assessment, it will be more difficult to get through close to the submission date.
Your P60 is a summary of what salary you have paid yourself through your limited company. It will also show what tax has been deducted from the previous tax year. Your P60 is an important piece of information that you should keep secure. You may find your will need your P60 for completing the following paperwork:
- Completing a Self Assessment
- Loan or mortgage applications
- P11D form
- Reclaiming overpaid Income Tax or National Insurance
- Tax credits applications
A P11D is a form that list the details of any benefits and expenses claimed during the past tax year between 6th April – 5th April. You are required to submit this form to HMRC each year for the following people:
- All directors and employees of the company who earn over £8,500 per year
- Any director own owns more than 5% of shares in the company
- Even if your company only has one director (i.e. you) you still have to file a P11D.
Annual return/Confirmation Statement
Your annual return/confirmation statement is separate from your annual accounts. Your annual accounts contain mostly financial information, but your annual return/confirmation statement is more like a snapshot of your company that contains more general company information. As of the 30th June 2016, all registered companies are required to submit an annual confirmation statement – a new submission that has replaced the annual return.
You must file a CT600 return to HMRC once a year. This form contains details of your company’s income minus any tax allowances and expenses. The remaining figure after deductions will be your profits. Once your profits are known, HMRC will then calculate how much Corporation Tax your company owes. Your first Corporation Tax return is due 12 months after your first year end. There is a very useful guide to help you complete your Company Tax Return here.
There is a full list of HMRC Corporation Tax Forms and associated guides here: