New company and tax deadlines

UK Company law is being revised to make life simpler for small companies. However, one side effect of this will be to reduce the amount of time directors have to submit their accounts to Companies House from the current 10 months down to 7 months.

If you company year end is 31 March you will have to finalise and submit your accounts by 31 October rather than 31 January of the following year.

The Taxman now seems to be getting in on the act. We have heard reports that he is thinking of reducing the deadline for company tax returns from 12 months down to 9 months after the end of the company’s year.

All this will obviously put more pressure on getting your accounts finalised sooner. One solution may be to change your year end so that the new submission deadlines fall in to a quieter period for your business. For example, if your business is selling sun tan lotion a December year end would make more sense than a June year end.