Filing your annual company accounts, corporation CT600 tax return, and confirmation statement on time is really important - missing the filing deadlines can lead to penalties or even legal action from HMRC and Companies House. In this article, we will break down the key deadlines you need to keep an eye on and explain what happens if you do not meet them. We will also look at why late filing penalties are imposed, what they can involve, and share some practical tips to help you stay on track.
What Are The Deadlines?
The filing deadlines for Companies House and HMRC can differ, so it is key that you take a note of the following and familiarise yourself with these.
Companies House
| Filing | Deadline |
| Annual Company Accounts | 9 months after your company’s financial year ends |
| Confirmation Statement | Up to 14 days after the due date |
HMRC
| Filing | Deadline |
| Corporation CT600 Tax Return | Payment: 9 months after your company’s financial year ends To file CT600 tax return: 12 months after your company’s financial year ends |
What Penalties Could I Face?
As Companies House and HMRC are separate legal entities, the late filing penalties they impose are not the same. Filing your company accounts and CT600 tax return on time will help you avoid unnecessary fines.
Companies House
Companies House will impose strict late filing penalties on private limited companies and LLPs for late submissions. The applicable penalties are outlined below.
| Late Filing Penalty | |
| Not more than 1 month | £150 |
| More than 1 month but not more than 3 months | £375 |
| More than 3 months but not more than 6 months | £750 |
| More than 6 months | £1,500 |
*Late filing penalties will be doubled if the accounts are filed late in 2 consecutive years.
HMRC
Late filings with HMRC can result in significant penalties. Further details are provided below.
| Late Filing Penalty | |
| 1 Day | £100 |
| 3 Months | Another £100 |
| 6 Months | HMRC will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax |
| 12 Months | Another 10% of any unpaid tax |
*If your tax return is late 3 times in a row then HMRC will increase your late filing penalties from £100 to £500.
Reasons Why You Might Receive A Penalty From HMRC
Filing late with HMRC will usually result in a fine. However, late submission is not the only reason penalties may be issued. Penalties can also arise in the following circumstances:
Late payment of tax due: Corporation tax must be paid by the deadline to avoid penalties and interest for late submission.
Failure to notify HMRC you need to make a CT600 tax return: You must notify HMRC if you are carrying out, or plan to carry out, any taxable activity.
Failure to retain full and proper records: These play a crucial role in enabling you to submit tax filings that are both correct and complete.
Not contacting HMRC about changes that affect your liabilities: You need to notify HMRC within one month of the change, otherwise you could face penalties.
Can I Appeal The Penalty?
If you have a reasonable excuse for submitting your CT600 tax return late, you may appeal any late filing penalty imposed by HMRC. Acceptable reasons can include illness, a family bereavement, or even events such as a natural disaster. To start the appeal process, complete Form 843 - the Claim for Refund and Request for Abatement - and provide all relevant details along with supporting documentation to support your case.
How To Avoid HMRC Penalties
Filing taxes on time is largely a matter of staying organised and planning ahead. By keeping track of filing deadlines, using online tools, maintaining up-to-date records, and setting reminders, you can reduce the stress of last minute submissions and avoid unnecessary penalties or interest charges.
Know Your Deadlines
Your Corporation CT600 Tax return must be filed with HMRC within 12 months of the end of your accounting period. For example, if your accounting period ends on 30 November 2024, your return must be submitted by 30 November 2025. Corporation Tax payment, however, is due 9 months and 1 day after the end of the accounting period. In this example, the payment would be due by 1 September 2025.
Start Early
Avoid the last minute rush by starting your company accounts early. This allows plenty of time to gather all necessary documents and ensures your filings are accurate.
Collect All Documents
Gather all essential documents, along with records of business income and expenses. Keeping these organised throughout the year will make the filing process much easier.
Use Software
Make use of user friendly tax preparation software such as Easy Digital Filing. These tools can simplify calculations and help ensure your CT600 tax return and company accounts are completed accurately and efficiently.
File Electronically
Opt for electronic filing, as it is the fastest and most convenient method. With HMRC’s online filing platform closing, you will need to use third-party software providers. Our easy-to-use CT600 tax filing software is designed to guide you step by step through the process, ensuring a smooth and accurate submission.
File Even Without All Documents
File using the information you currently have. You can always submit the filings in time and then make any necessary amendments afterwards.
Are Penalties Tax Deductible?
No - late filing penalties from HMRC and Companies House are generally considered disallowable expenses, meaning they cannot be used to reduce your tax liability.
Looking For Further Information?
Hopefully this article has helped clarify the penalties imposed by HMRC and Companies House and highlighted ways to avoid them. For more information on topics related to running your small business, feel free to explore our Knowledge Base. If you are looking for any further information, do not hesitate to contact us.
