For Companies

If I miss the filing deadline for my Confirmation Statement, will I get a fine?

The Confirmation Statement is filed annually and you get a two week window to file this.  If you are a client, we will notify you of this if we are engaged to do this for you. Failure to file the Confirmation Statement will result in Companies House sending reminders and some may seem threatening, as they can dissolve the company or threaten legal action if they do not receive the form, although this is not immediate.  However, there is no penalty for filing the Confirmation Statement late.  All companies must file a Confirmation Statement, regardless of the company type, size or whether dormant.  If you do miss the deadline, just file the Confirmation Statement as quickly as you can and if there is a necessary delay or any specific reason to delay this, do let us know and we can advise you what to do, and we may be able to liaise with Companies House on your behalf to deter legal proceedings or strike off action.

What is the filing deadline for my company accounts?

Company abbreviated accounts must be filed with Companies House within 9 months of the accounting year-end.  The full statutory company accounts must be filed with HMRC together with the company’s corporation tax return(s) within 365 days of the accounting year-end.

What are my responsibilities as a company director?

You are required to ensure the company is fully compliant and meets its filing obligations.  You must act in the best interest of the company and keep the company in good financial health.  We have a detailed summary of your obligations here;  link to resources

Can I buy a car through the company?

There are no limitations of what car you can buy in a company.  However, the tax charges and cost may well outweigh any advantage.  The first thing to consider is the CO2 measure of the output of the car as this will determine the rate of capital allowances and benefit in kind tax is imposed.  If you are interested in buying a car for the business, this should be your first question to the dealer.  If you are buying a pool car for a business and do not intend to have any personal use there are different rules, but this is unusual and not often the case in our experience.  Many clients will ask whether they should lease or buy but this depends on the circumstances and the costs involved, as well as the CO2 position so check this first and then seek advice. 

Company salary or dividends?

As an owner managed company, as a director shareholder you can pay yourself a salary and dividends and our detailed guide here will explain all you need to know about paying yourself.