Owning and running a business in the UK means that there are a lot of important dates to remember, failure to diarize these dates could lead to penalties or problems in the future. Below is a review what dates are important for UK business owners and why it is important to pay attention to them.
Why are due dates important to remember?
Plenty of limited companies organize their schedules by plotting the important dates in a calendar. Some even use reminder services to make sure that they are alerted when a due date is coming up or when a due date has already come. That way, they would remember important dates.
What are the important dates that owners of limited companies should remember?
Incorporation date. The incorporation date is the date that the company has been incorporated. It is needed for a variety of reasons. There are documents and forms that will ask for this piece of vital information. Keeping it recorded in one’s mind or in a calendar or a secure file would be a great help. Accounting reference date (also known as ARD). Limited companies need to file annual accounts once each year. Even if a limited company is not even trading yet, this is a requirement. The ARD of a limited company is on the month’s last day that the company has been registered at Companies House. If a company has been registered on the 5th of the month or even the 27th of July, then the ARD of that company would fall on the 31st of July. It will be the date yearly unless the date is changed by the limited company. Last accounts made until the date. This is the date that would reflect the entire period that covers a limited company’s filed annual accounts. A limited company will not have any date if the annual accounts have not yet been filed. Due date of next accounts. This is the deadline for the filing of a limited company’s annual accounts. If this is not filed, Companies House can actually go and close the company. Before this is done, Companies House will be sending the limited company a letter of notice which would serve as a prompt reminder for the limited company to file the needed documents so that closure can be avoided. Those who file the documents after the deadline will be receiving a penalty fee and this will depend on how late the documents have been filed. Date of last confirmation statement. This is a document that needs to be filed once a year at least. It includes information on the limited company’s directors, registered office, person with significant control, and shareholders and their share details. It does not include any information of the company’s finances. The date for the confirmation statement would be the entire period that covers the last one filed. Next confirmation statement due date. This is the deadline of the filing of a limited company’s confirmation statement. It is important to file this document and not filing one is considered a criminal offense. Not filing this document can end up with Companies House closing the company and having all the directors paying a fine.
While this is not an exhaustive list of dates a business owner should never forget – they are some of the key ones. Other important dates could be related to the sector within which you operate, for example, renewing your ICO registration or perhaps your membership to another sector specific regulator. It is essential to note all of the important dates that a limited company should follow. It will help keep the business running and avoiding any fines and penalties. For more information – visit the UK government’s website here.
published under Business Address Guides
