Recruitment Agency Submission Deadlines
When a new recruiter starts their own recruitment agency, they are introduced to a number of dates and deadlines that they need to adhere to in order to comply with Companies House and HMRC to ensure that their company remains up to date and compliant.
Often these deadlines will be managed by the company accountants but it is important to understand when these are in case there needs to be some planning for payments due.
Here is a list of many of the deadlines that recruitment directors need to be aware of: -
- Company Statutory Accounts – The Company Statutory Accounts showing the company figures for the accounting period need to be submitted to Companies House, 9 months after the year end shown on Companies House website
- Confirmation Statement – The confirmation statement confirming the directors and shareholders of the agency needs to be submitted to Companies House on the company anniversary date every year
- Corporation Tax Return and Payment – The Corporation Tax Return calculating the Corporation Tax due on company profits is due to HMRC, 12 months after the year end. However, the payment for the Corporation Tax is due 9 months after the year end.
- VAT Return and Payment – The VAT Return and payment calculating the VAT due for the month/quarter/year (depending on the VAT return cycle) is due at HMRC 1 month and 7 days after the period end, i.e. if the period end if 30th November 2022 then the VAT return and payment is due on 7th January 2023
- PAYE Payment – PAYE Payments based on the RTI submission data up to the 5th of the month are due on the 22nd of each month.
- Intermediary Reporting – If the agency is making contract placements, then the agency needs to inform HMRC of the details of payments made to contractors not on PAYE payroll i.e. Umbrella, Limited or self-employed companies over the quarter. This information is submitted via the HMRC portal 1 month after the quarter end (5th April, 5th July, 5th October, 5th January)
- CIS Return – If the agency is working within the Construction industry and is registered under the CIS then they need to inform HMRC or the details of the deductions made by clients or to candidates. The CIS return is due by the 19th of the following tax month and any payment/deduction would be included within the PAYE payment.
Outside of company deadlines, Agency Directors/Shareholders will also need to complete a self-assessment tax return showing the payments of salary and dividends from their agency. This return and payment is which is due by 30th January following the 5th April tax year. There will also be an additional payment on account due on the 31st July following submitting the self-assessment.
As a TBOS client, all of the company deadlines are administered on behalf of our agency clients to ensure that the agency remains complaint and avoids any penalties.