The answer to the above question is "yes". If a company or LLP was incorporated in the UK, it has an obligation to file annual accounts to Her Majesty's Revenue and Customs regardless of where the owner is domiciled. Companies and LLPs that were incorporated outside of the UK are also regarded as resident for tax purposes if their central management and control is exercised from within the UK. Any branch or subsidiary of a company is liable for UK tax on the activity that it undertakes inside the UK.
If a company or LLP fails to submit its annual accounts in an acceptable format to HMRC by the deadline set for it, it will face a fine. The designated member(s), director(s) or secretary will also have committed a criminal offence by failing to submit a timely return. The fine starts at £150.00 for accounts that are submitted no more than a month after their due date, rising to £375.00 for those submitted one to three months late, then £750.00 for accounts that are three to six months late and £1,500 for accounts that are late by more than six months. These penalties may be doubled if accounts are submitted late in more than one year.
Extensions will not be granted if accounts are submitted in a format that is unacceptable. As a result, it is advisable to submit returns well in advance of the deadline in order to avoid unnecessary fines.
Coddan can help overseas customers with the filing of their annual return to HMRC. This ensures that the accounts are submitted in a timely fashion. We can also prepare accounts in a format that will be acceptable to HMRC. This service takes all of the stress out of meeting statutory requirements for people who might not be familiar with filing accounts in the UK.
Why not get in touch today to see how Coddan's accounting and bookkeeping services could help you run your business? Our services are competitively priced, with the price for the private limited company formation service in England or Wales, which comes with the year-end annual return and annual account preparation and its submission with Companies House and HMRC (Tax Office) for a trading company starting at only £1,250 per calendar year (which is around £104.00 per month plus the VAT).