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Accounts Frequently Asked Questions ...


Q : Do I have to be VAT Registered ?


A :
You only have to be registered for VAT purposes if your turnover exceeds the VAT Registration Threshold. Details of the level for the current year can be found on our FACTS page.


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Q : When do I have to do a VAT Return ?


A :
There are a number of different VAT schemes in place currently, the submission and payment frequency depends on the scheme in place, these being :-

- Quarterly reporting and payment

- Monthly reporting and payment
- Annual reporting and monthly payment


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Q : When do my accounts have to be done by ?


A :
Companies House - require accounts to be filed no later than 9 months from the end of the accounting period - this is due to shorten to 8 months for companies whose financial year ends are before / after xxxx

HM Revenue & Customs - require accounts to be filed no later than 12 months after the end of the accounting period. However, they require payment no later than 9 months after the end of the accounting period !!!

If you receive a HMRC CT603 Notice then submission must be no later than 3 months after receipt.


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Q : When does my Personal Tax Return (Self Assessment) need to be done by ?


A :
The deadlines for the submission of Tax Returns to HMRC depends on the submission method chosen :-

- Paper Based Form = Submission by 31st October
- Via Internet = Submission by 31st January


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Q : When does my Corporation Tax need to be paid ?


A :
If your turnover is less than £1.5m :
Corporation Tax must be paid in full no later than 9 months after the end of the accounting period and a payment slip confirming the amount and due date will be issued by HMRC once submission of a Corporation Tax Return has been received.

If your turnover is more than £1.5m :
Corporation Tax must be paid in instalments if your turnover is more than £1.5m.


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Q : When does my Income Tax need to be paid ?


A :
Income Tax due on personal Tax Returns (Self Assessment) is payable in two installments, provided the tax due in the previous year (08/09) was more than £ 1,000.00

1st Instalment - Due 31st January (in the current year) - Payment On Account
2nd Instalment - Due 31st July (for the year ending 5th April previous) - Balancing Payment

If the tax due in the previous year (08/09) was less than £ 1,000.00 then the tax due is due in full, in one instalment due by the 31st of January of the following year.


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Q : What are dividends ?


A :
Dividends are paid by a company to shareholders and are paid from profits after tax.


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