Registered companies and partnerships have a number of filing and reporting requirements to maintain each year. Annual returns and annual accounts must be prepared for Companies House, Company Tax Returns and statutory accounts must be prepared for HMRC, and Corporation tax must be paid on all taxable profit.
Companies are required to register for VAT, file VAT returns and pay VAT if their annual taxable income exceeds £85,000 (2018-19). Voluntary VAT registration is also available. PAYE registration will be necessary if the company has to pay wages, including directors’ salaries. Company directors also have to submit Self Assessment tax returns for the personal income they receive.
Dormant (inactive) companies do not have to file full financial accounts or Company Tax Returns but they must inform HMRC that they are dormant. They will have to prepare a confirmation statement (previously called an annual return) and dormant accounts for Companies House.
All companies, whether active or dormant, must notify Companies House when any of their registered details change. Some changes must also be reported to HMRC.
- What company changes must be reported to Companies House and HMRC?
- Recording changes in your company’s statutory records and registers
- Who is legally responsible for maintaining company details and reporting changes?
- Dormant company filing and reporting requirements
- Report changes free of charge using 1st Formations Online Company Manager
What company changes must be reported to Companies House and HMRC?
The details you provide when you register a limited company are displayed on public record. Therefore, company directors are legally required to notify Companies House and HMRC immediately if any of these details change. The most common changes you must report include:
- Change of company name.
- Change of registered office address.
- Adding or changing a SAIL address.
- The location of statutory company records and registers.
- Adding or removing a director or company secretary.
- Changing a director’s or secretary’s details.
- Issuing new shares.
- Transferring shares.
- Altering the articles of association.
- Changing your company’s SIC code.
- Changing the Accounting Reference Date (ARD).
- Reporting your company as dormant.
- Changing the trading status of your company from dormant to active.
- Changing shareholders’ details.
- Changing the accounting period for corporation tax.
- Changes to the PSC register.
The following changes must be reported to Companies House within 14 days:
- Changes to addresses (including registered office and location of statutory records and registers).
- Adding or removing a director or secretary.
- Changing the registered details of existing directors and secretaries.
If your company increases its share capital by issuing more shares, a ‘Return of allotment of shares’ must be filed with Companies House within 1 month. The majority of changes can be filed at Companies House free of charge and can be carried out online via WebFiling or 1st Formations Online Company Manager.
Recording changes in your company’s statutory records and registers
Limited companies are required to maintain a number of statutory records at their registered office address. Any changes to company details must be updated in the appropriate record or register immediately.
It is important that these records are accurate and kept up-to-date because they can be inspected by HMRC and the general public at any time.
Who is legally responsible for maintaining company details and reporting changes?
Directors and secretaries are legally responsible for maintaining statutory records and registers. However, full legal responsibly ultimately falls upon directors, regardless of whether tasks are delegated to a secretary.
Dormant company filing and reporting requirements
- Dormant companies tell HMRC if they are inactive by contacting their local corporation tax office in writing.
- Annual confirmation statements must be filed at Companies House at least once every 12 months.
- Dormant company accounts must be prepared and submitted to Companies House every year.
- Changes to registered details, including PSC, must be reported to Companies House (and HMRC, in some cases) as and when they occur.
Report changes free of charge using 1st Formations Online Company Manager
1st Formations Online Company Manager is a free software filing facility that allows you to access your registered details online, report changes and file annual confirmation statements (previously called the annual return) at Companies House quickly and securely at any time.
Existing clients are automatically registered for this service. Non-clients can sign up for this service by creating a free account online and importing their company onto our system.
Please click here to find out more.