Company reports must be submitted to Companies House and Tax Office every 12 months. Confirmation Statement is submitted to Companies House; however, it is not actually a report. It just renews the company’s registration for the next year, and you must pay a state duty. When submitting it, you can make changes in the company if they are needed, such as changing the address, director or shareholder, changing the number of shares. You also submit Company Accounts, which is issued in a special form (therefore we recommend using professional accounting services to avoid any mistakes). You can always see the deadline for the Confirmation Statement and Company Account in the file of your company on the Companies House website. It should be noted that late submission of the Company Account is punishable by a fine, but there is no fine for late submission of the Confirmation Statement. Although if neither report was submitted, the company will be closed. It is possible to reopen the company, but it requires additional financial resources including paying the fine and, of course, it takes time. We therefore advise to use accounting services which are offered online at a reasonable price.
You must submit Year End Account, which is electronically attached to your company’s Unique Taxpayer Reference (UTR), to the Tax Office. If a report is submitted for an Ltd company, it must include the calculation and the amount to be paid of Corporate Tax (which is currently 19% of the profit). LLP, unlike Ltd, does not pay Corporate Tax; with this form, the profit is distributed proportionally (according to the Partnership Agreement) and the partners pay tax on their share, but as an individual tax. If the partners are residents of different countries, they must pay an individual tax in their country of residence according to its financial laws. If the partners are companies, this tax falls on the company. In other words, if one partner lives in France and the second lives in Italy, they will pay their taxes in their countries of residence; the UK has nothing to do with it.
The British company can be in two states: Active and Dormant. Active is a word that speaks for itself, and Dormant means that the company does not conduct business at all. However, in any case, a report on the company must be submitted, whether the company is active or dormant. In conclusion, it should be noted that it does not matter in which country the company maintains a business; profit must be taxed and the tax must be paid in time.