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Guide to setting up in business part 5 – Filing Requirements

23rd December 2012

In the final part of our guide to setting up in business we shall look at filing requirements.  We have previously considered legal status of your business, who you need to notify, PAYE & VAT and accounting records.

Self Assessment Tax Returns

Generally all sole traders, partners of a partnership and directors of a limited company need to complete a self assessment tax return each year.  The self assessment tax return contains details of your income for a given tax year which runs from 6 April to 5 April and is due for filing on 31 January following the tax year it relates to.  Therefore a 2011/12 tax return covers income for the period 6 April 2011 to 5 April 2012 and needs to be submitted by 31 January 2013.  Also on 31 January the balance of any tax payable on the return will be due.

If you are a sole trader or in a partnership then you are calssed as self employed and your self assessment tax retrun will include details of any profits or losses from your self employment.

Limited Companies

In addition to directors of limited companies filing self assessment tax returns they must also ensure their company fulfills its filing requirements.

Limited companies must file accounts with Companies House within nine months of the accounting period (which is normally a year) end.  Any Corporation Tax due is payable 9 months and 1 day following the accounting period end.  The accounts (known as financial statements) and Corporation Tax return must be filed with HMRC within 12 months of the accounting period end.

Therefore a limited company with a year end of 31 March 2012 must;

  • File year end accounts at Companies House by 31 December 2012
  • Pay any Corporation Tax due by 1 January 2013
  • File year end accounts and Corporation Tax return with HMRC by 31 March 2013.


This wraps up our guide to starting up in business.  If you would like to discuss any of the issues raised or any other accounting or taxation issues please don’t hesitate to contact us.  We are an ACCA registered accountancy practice located in the Northamptonshire village of Lamport. From Michael Paul Accountants  Northampton, Kettering, Market Harborough and Corby are all within easy reach.

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