Year-end financial statements
Your year-end financial statements cover your past financial year and declare your Corporation Tax liability. We will help you to meet this filing obligation and review your accounts with you. This will also help us to advise you of any changes that you can implement to increase your tax efficiency.
Prepare your annual year-end financial statements
Submit them electronically to the HMRC and Companies House
Prepare your Corporation Tax return and its supporting workings
Send the electronic submission to HMRC
Prepare your audit file in preparation for your end-of-year audit (if required)
SME tax services: Our accountants can help your business with UK tax related matters
Our accounts and tax services include a variety of offerings for small and medium-sized enterprises. Knowing your tax obligations throughout the year as well as the biggest deadlines is very important. We can help with the following:
HMRC self-assessment: Filing personal tax returns
Over 10 million taxpayers must file a personal tax return. Are you one of them? Do you have rental income or any other sources of income that you need to declare on your personal tax returns? Do you know how to prepare personal tax returns?
You must complete a Self Assessment tax return if any of the following criteria apply to you:
- You are self-employed
- You are a company director
- You receive income from overseas
- You have Capital Gains Tax to pay
- You have an annual income of £100,000 or more
- You have income from trusts, settlements and estates
- You have income from savings, investment or property
- You have a rental property in the UK but live elsewhere
Sable International can help you with your tax returns by:
Preparing sole trader accounts
Preparing partnership accounts
Preparing self-assessment/ personal tax returns
Preparing partnership tax returns
Filing these returns online
Advising on tax liability and due dates
We offer specialist, personalised, end-to-end accounting and tax advice
Filing accounts using iXBRL
Since April 2011, all UK limited companies need to file accounts and Corporation Tax returns by using the iXBRL tagging format. This means that companies can no longer simply post their accounts and returns; instead, they have to file them electronically. If you need help with filing your accounts in the right format, or you're struggling with your iXBRL submission, please contact us and we will be happy to assist you.
Making Tax Digital
The Making Tax Digital (MTD) initiative is aiming to simplify the UK’s tax system, but many business owners feel that it is going to complicate their tax affairs and ultimately end up costing them more. The good news is that this shouldn’t be the case if you’re properly prepared.
The revised timeline for MTD is:
From April 2019
All VAT-registered businesses with a taxable turnover above the VAT threshold will need to report on VAT digitally (each quarter, as per usual).
April 2019
VAT-registered businesses with the required turnover will need to keep and preserve their VAT records digitally and file VAT returns using MTD-compatible software.
From April 2020
All businesses will need to report on Corporation Tax, as well as VAT, digitally.
1 April 2021
The soft landing period ended which allows businesses more time to ensure digital links are in place between software being used for VAT accounting purposes.
8 April 2021
The HMRC is moving everyone away from the old XML submission route onto the MTD platform and is decommissioned VAT XML submissions. This means third party software will not be able to submit non-MTD VAT returns but businesses will be able to submit the VAT Returns via their Business Tax Account.
April 2022:
Mandatory migration of all registered VAT users into MTD for VAT
6 April 2023
Self-employed businesses and landlords, with annual business or property income above £10,000, will need to follow the rules for MTD for Income Tax from their next accounting period
We stay at the forefront of all HMRC changes, and we can take care of all your reporting requirements; From making sure reports are in the correct digital format to submitting them on time. This allows you to focus on your business without having to worry if you’re up to date with all of your HMRC filing obligations. What’s more, HMRC will deal with our accountants should any issues arise with your accounts.
We offer specialist, personalised, end-to-end accounting and tax advice
Important tax deadlines for UK companies
| Tax/other obligation | Deadline | Penalty |
|---|---|---|
| Corporation Tax return | 12 months after end of accounting period | Depends on how late:
|
| Corporation Tax Payment | 9 months and 1 day after end of accounting period (unless taxable profits over £1.5m then have to pay instalments) | No penalty for late payment, but interest charged at 3%. |
| VAT (if registered) | 1 month and 7 days after quarter end | Surcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period. Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding. |
| PAYE (if an employer) RTI return | On or before payment made to an employee |
|
| PAYE/NI payment | 22nd of each month unless arranged for a quarterly or annual scheme | Late monthly and quarterly payments:
|
| Employment Related Securities annual returns: Eg. Form 42, EMI40, etc | 6 July following the end of the tax year | Depends on how late:
|
| Employment Intermediaries quarterly returns | 5 August 5 November 5 February 5 May | Depends on number of late filings in 12 month period:
|
| Companies House: Annual filing of accounts | 9 months after end of financial year (6 months if public company) | Depends on how late:
|
P11D Expenses and benefits
When someone gets employment benefits from work, such as company cars, rail season tickets, private health insurance etc., then filing a P11D form is how their employer tell the HMRC how much these benefits were worth. A P11D will list the equivalent cash value of benefits and expenses that have been provided during the tax year.
Form P11D is filed by employers. In some cases, self-employed freelancers and contractors might have to file them for themselves. It’s possible to be both an employer and an employee in the same business.
| Obligation | Deadline |
|---|---|
| Submit your P11D forms online to HMRC | 6 July following the end of the tax year |
| Give your employees a copy of the information on your forms | 6 July |
| Tell HMRC the total amount of Class 1A National Insurance you owe on form P11D(b) | 6 July |
| Pay any Class 1A National Insurance owed on expenses or benefits | Must reach HMRC by 22 July |
| If you have a PAYE Settlement Agreement pay tax and Class 1B National Insurance | Must reach HMRC by 22 October |
| Pay any PAYE tax or Class 1 National Insurance owed on expenses or benefits | Pay monthly through payroll |
After two weeks penalties will start to kick in. You’ll get a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. You’ll also be charged penalties and interest if you’re late paying HMRC.
Useful links
- HMRC has all the important information on UK tax requirements
- Companies House is the register of all companies in England and Wales