There are several sorts of annual returns which every business must complete.
For unincorporated bodies (sole traders and partnerships) the only statutory return is your tax return, and maybe the partnership return. This must be submitted to the Revenue by 31st January following the tax year, to avoid penalties, but please give me enough time to compile and submit it!
Limited companies need to submit annual accounts to both the Inland Revenue and Companies House within certain deadlines, otherwise fines will be incurred. One must also complete and file the corporation tax return with HMRC. There is also the confirmation statement for Companies House, which lists basic details including:
> The name of the company and its registered number
> The registered office address
> The principal business activities
> Details of the company secretary and directors
> Share capital, shareholders and majority owner
We have 28 days to send the return off, or consequences may follow.
One must operate this scheme if you take on employees, or pay yourself wages from your Limited company. This is quite onerous in terms of time. Using the RTI payment system I can run your payroll, on the basis that you pay monthly wages.