I like the post about opening a business in the UK: I just thought to share a list of some accounting and tax obligations that might be involved, especially for new business owners. It’s important that the UK operates a comply or explain policy - this means if you don’t comply, you need to explain why, potentially with some penalties applicable. So, I’ll start with the general obligations:

1. Confirmation Statement (CS01)

A Confirmation Statement must be filed annually with Companies House to confirm and update changes in your company key details such as directors, shareholders, and registered office. The deadline is usually 12 months after incorporation and every year thereafter. Late submission can result in the company being struck off the register.

2. Companies House Annual Accounts Submission

The first statutory accounts must be filed with Companies House within 21 months of incorporation. After the first year, statutory accounts are due for submission within 9 months after the company’s financial year ends. Dormant Companies are also required to file dormant accounts if they haven’t traded.

Continue in the thread… 3. Corporation Tax Return (CT600) and Payment

A company must register for Corporation Tax with HMRC within 3 months of starting business activities. The first Corporation Tax return must be filed within 12 months after the end of the first financial year. However, the actual Corporation Tax payment is due within 9 months and 1 day after the company’s accounting period ends. It’s also noteworthy to mention that late filings result in penalties, starting from £100 for missing the deadline and increasing with further delays. Interest also applies on unpaid tax liability.

CAN YOU SAY YOU ARE FULFILLED?

Many people say, I can do this even without being paid for it, it is my passion, it is my talent, I am good at drawing, I am good at writing, I am good at singing, I can drum naturally etc. but their reality is far from what they think. 1/7 Do you know that based on scientific research, the moon does not have a light of it's own but shines through the light reflected on it from the Sun. In the same way, your fullfilment in life is guaranteed, only if you align yourself with the activities that correlate with 2/7