Changing accounting date

[clamp1988]

Can someone please throw some light on the this scenerio.
a company incorporated Feb 2021 filed last accounts up to 28 Feb 2022.
Next account to 28 feb 2023 due by 30 november 2023.
What will be the new due by date if the next accounting period was changed to September 2022.
thanks.

 

[Joyous]

Can someone please throw some light on the this scenerio.
a company incorporated Feb 2021 filed last accounts up to 28 Feb 2022.
Next account to 28 feb 2023 due by 30 november 2023.
What will be the new due by date if the next accounting period was changed to September 2022.
thanks.

The later of 30 June 2023 and 3 months fron the date you request the change.

 

[clamp1988]

Accounts for year ended September 2022 would have been due by June 2023, so already late if not yet filed. Do you mean Septembe

I did mean 2022. If it's late would it even allow shortening the date online and if it did then there would be a late penaly I guess

 

[Joyous]

I did mean 2022. If it's late would it even allow shortening the date online and if it did then there would be a late penaly I guess

You're still within time so it will be 3 months from the date that you request the change. You will be late for corporation tax though, as the filing deadline for that was 30 September 2023.

 

[MyAccountantOnline]

I did mean 2022. If it's late would it even allow shortening the date online and if it did then there would be a late penaly I guess

Not from Companies House but for the late tax return. It's £100 for one day late rising in stages depending on how late you are in submitting the tax return.

Company Tax Returns

How to prepare a Company Tax Return for your limited company or unincorporated association - deadlines, corrections and penalties

www.gov.uk

 

[Frank Wessely]

I did mean 2022. If it's late would it even allow shortening the date online and if it did then there would be a late penaly I guess

Out of interest, what benefit will there be for your company by shortening the accounting period?

 

[clamp1988]

@Joyous and @MyAccountantOnline Thanks.

Just for information, if the accounting date was extended from feb 2022 to June 2022 then am I right in saying that the accounts would need to be submitted by 31 March 2024 and what about the CT returns date

 

[clamp1988]

Out of interest, what benefit will there be for your company by shortening the accounting period?

There is not much activity in the business upto that period and he requires more time to organise and prepare the accounts.

 

[Frank Wessely]

OK. Assuming you go ahead just bear in mind that there could be an adverse impact on the company's credit ratings as a result, when the accounts are filed.

Thanks.

 

[MyAccountantOnline]

@Joyous and @MyAccountantOnline Thanks.

Just for information, if the accounting date was extended from feb 2022 to June 2022 then am I right in saying that the accounts would need to be submitted by 31 March 2024 and what about the CT returns date

You'd need two CT returns; one to 28/2/22 and a second to 30/6/22 as a CT return can only be for 12 months.

The deadline for a CT return is 12 months after the end of the accounting period although any CT due is due no later than 9 months and 1 day after the end of the accounting period.

 

[Bobbo]

There is not much activity in the business upto that period and he requires more time to organise and prepare the accounts.

They've already had 8 months and 9 days since 28/02/2023!

 

[Joyous]

Just for information, if the accounting date was extended from feb 2022 to June 2022 then am I right in saying that the accounts would need to be submitted by 31 March 2024 and what about the CT returns date

If I understand your initial post you've already filed your accounts to February 22 so you can't extend them to June 2022. What you you can do is shorten the next accounting period from February 2023 back to June 2022 so your second accounting period will be three months long.

The filing deadline will then be three months from that date you request the change. You need to do this by 30 November 2023 as you cannot change the date on overdue accounts. Assuming you make the change on 30 November 2023 the new filing date will be 29 February 2024.

Bear in mind that a corporation tax return for the three months to 30 June 2022 would have been due by 30 June 2023 so you'll face a late filing penalty from HMRC.

 

[clamp1988]

If I understand your initial post you've already filed your accounts to February 22 so you can't extend them to June 2022. What you you can do is shorten the next accounting period from February 2023 back to June 2022 so your second accounting period will be three months long.

The filing deadline will then be three months from that date you request the change. You need to do this by 30 November 2023 as you cannot change the date on overdue accounts. Assuming you make the change on 30 November 2023 the new filing date will be 29 February 2024.

Bear in mind that a corporation tax return for the three months to 30 June 2022 would have been due by 30 June 2023 so you'll face a late filing penalty from HMRC.

Sorry my bad, should be from Feb 23 to June 2023

 

[Joyous]

Sorry my bad, should be from Feb 23 to June 2023

Then your filing date will be March 2024. But as @MyAccountantOnline said above, you'll need to do 2 corporation tax returns - one for the year to February 2023 and one for the four months to June