Tax Deadlines for Limited Companies in the UK 2025

Tax Deadlines for Limited Companies

When it comes to tax deadlines, things can become a bit more complicated, especially with limited companies in the UK. Unfortunately, the failure to meet such deadlines could attract penalties and other complications that may interfere with the normal running of your business. This article will explore the essential tax array of services and the respective dates you ought to have in mind to ensure your business operation is maintained without risks of non-compliance.

In this article, we’ll cover the top ten essential bookkeeping tips for construction companies, equipping you with the tools to streamline your accounting processes and make informed financial decisions.

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What is a Limited Company?

A limited company is a very common business registration form in the UK. The structure is such that the risk of losing personally owned property is only confined to the firm’s contribution.

There are two principal categories:

Public Limited Company (PLC): Referred to as a public Company A public Limited Company offers its shares to the public and can be listed on the stock exchange.
Private Limited Company (Ltd): Referred to as a Private Company Limited by Shares, owned by shareholders issued shares which, however, do not trade to the general public.

It is also important to note that understanding the burdens that you will have to carry as a limited company over time is equally essential.

Key Tax Responsibilities

Limited companies have several tax duties which include the following:

Corporation Tax: This is the tax that business companies pay on the profits that they make.
VAT (Value Added Tax): In case your taxable turnover surpasses £85,000, it is mandatory to apply for a VAT registration.
PAYE (Pay As You Earn): This represents a tax that is collected by way of deduction from wages for employees.
National Insurance: This will be applicable both to you and to your workers.

There are some other taxes, remember business rates and perhaps even capital gains tax.

Corporation Tax

Submitting the Return

Time Limitation: Corporation Tax Return must be filed within 12 months after the end of your accounting period.

Advice: Create a calendar alert to remind you about this deadline!

Paying Your Tax

When is it Due? Corporation Tax must be paid 9 months and 1 day after the end of the accounting period.

Late Payment: If you file or pay late, expect fines starting at £100 and possibly interest on late payments.

VAT (Value Added Tax)

Knowing When To Apply For A VAT Registration:
You are allowed to apply for a VAT registration if your taxable turnover goes over the sum of £85,000. You should apply as early as you expect to reach the threshold.

Submitting Your VAT Returns:

How Often: It is usually the case that you will submit VAT returns quarterly or once a year.
Due Date: VAT return is filled one month plus seven days from the end of the accounting period.

Settling The VAT That Was Due:

When is it Due?: The payment of the VAT amount is considered the same date as the return filing.
Returns That Are Filed Late: Late return filing usually attracts penalties that increase if the penalties are repeated frequently.

PAYE and National Insurance Contributions

Monthly/Quarterly Deadlines:
For companies with employees, PAYE tax and National Insurance contributions must be reported to HMRC every month or quarter, depending on the size of the payroll.

Payment Deadline:
Payments for PAYE and National Insurance are due by the 22nd of the following month (or the 19th if paying by cheque). Companies must ensure that these payments are made on time to avoid penalties.

Consequences of Late Payment:
Late payments can result in fines and additional interest charges, affecting the company’s cash flow.

Record Keeping and Documentation

Maintaining accurate records is essential for all limited companies. Companies should keep detailed accounts of their income, expenses, and tax payments. This practice not only aids in filing taxes but also protects the company in case of an audit. Utilizing accounting software or hiring a professional accountant can streamline this process and ensure compliance.

Tips for Staying Compliant

To avoid missing deadlines, limited companies can take several proactive steps:

Set up reminders: Use calendar alerts for key deadlines.
Use accounting software: Tools like QuickBooks, Xero, or Sage can automate reminders and calculations.
Hire an accountant: A professional can help manage tax obligations and provide advice tailored to the company’s specific situation.
Regular reviews: Schedule regular check-ins to review the company’s tax obligations and ensure compliance.

Have you heard of Cridix Tax Consultency Services?

At Cridix, we focus on providing accounting services designed specifically for the needs of your business. Our knowledgeable professionals will assist you with Tax issues and deadlines so that you comply with the law and stay cool. From Professional Bookkeeping kept by trained experts to financial consulting services, we enable you to concentrate on nurturing your core business while we take care of the financial aspect.
Join Cridix and feel relaxed because you are certain that your finances are being well-managed.

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conclusion of Tax Deadlines for Limited Companies in the UK 2025

Adhering to tax deadlines is crucial for limited companies in the UK. By understanding their tax responsibilities and planning ahead, companies can avoid penalties and maintain smooth operations. For personalized advice, consulting with a tax professional is highly recommended.