What is a Company Year End?

Your Company Year End depends on your business and typically aligns with the date you registered your company with Companies House. It’s different from the tax year, which runs from 6th April to 5th April.

Your Company Year End typically falls on the last day of the month when you incorporated your company. For example: If you registered your company on 15th June, your Year End would be 30th June each year.

Year End Deadlines

Once your Company Year End date arrives, you have several key deadlines to meet. Missing these deadlines can lead to hefty fines and penalties, so you should be aware of them.

Companies House Requirements

First-Time Accounts: If it’s your first year, you have 21 months from your company’s registration date to file your accounts.
Annual Accounts: For every subsequent year, you must file your annual accounts within 9 months after your financial year ends.

HMRC Requirements

Corporation Tax Payment: You need to pay your Corporation Tax or inform HMRC if there’s no tax due within 9 months and 1 day after your accounting period ends.
Company Tax Return: You must submit your Company Tax Return, also known as a CT600, within 12 months after your accounting period ends. This document details your company’s income, tax allowances, and expenses, determining how much Corporation Tax you owe.

Filings for Year End

When your Company Year End arrives, you’ll need to prepare several key documents. Both HMRC and Companies House require these filings.

What to File with HMRC

Company Tax Return (CT600): This form summarises your company’s income after accounting for expenses and tax allowances. You can also use it to calculate your Corporation Tax bill.
Statutory Accounts: These include the Income Statement, Statement of Financial Position, and any footnotes. They also provide a detailed picture of your company’s financial health.

What to File with Companies House

Annual Accounts: Using the FRS 105 standard, submit your Statement of Financial Position and footnotes. Additionally, the Companies House website will make these documents public.

Preparing for Your Year End

Preparation is key to a smooth Year End process. Here are some tips to help you get ready:

Manage Your Expenses
Chase Up Outstanding Payments
Gather and Organise Documents

Missing a Deadline

Missing your Year End deadlines can result in severe penalties:

Companies House Penalties: These start at £150 for private companies and can escalate to £1,500 or more, depending on how late you are.
HMRC Penalties: The initial fine is £100 for being one day late, and it increases with time. Additionally, after six months, HMRC may estimate your Corporation Tax bill and add a penalty of 10%.

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What is a Company Year End?