HMRC and Companies House returns
Whether you are a limited company or not, you will most likely have to deal with HMRC (the tax office).
This will include the following:
- Sending your annual accounts to HMRC within 12 months of your financial year end
- Sending HMRC a company tax return and tax computation within 12 months of your financial year end (a tax computation is a calculation of how much tax you owe – see below section on taxation for further information).
- If you are VAT registered, sending quarterly VAT returns to HMRC
- If you pay staff, send in monthly payroll returns and an annual declaration
It is recommended that clubs take appropriate professional guidance to ensure that they are following the rules and paying the right amount of tax.
Limited Company clubs
If your club is a limited company, then you will also have to:
- Send your accounts to Companies House within 9 months of your financial year end
- Complete an Annual Return form of your company details (e.g. registered office, directors etc.)
As well as annual returns, you will need to inform Companies House of any changes during the year, for example, changes to the directors.
All of the above obligations can be completed online by registering with Companies House for its Web filing service.
Can my club become Exempt from HMRC annual returns?
It is possible that, where your club’s annual corporation tax bill is small (typically less than £100), you will be able to write to HMRC and request an exemption from having to send in your accounts, company tax return and computation every year. Typically, where HMRC agrees this, it will give you a period of exemption e.g. 5 years.