AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
In the UK, a private company files a confirmation statement at least once every 12 months, accounts 9 months after its year end, pays Corporation Tax 9 months and a day after the period and files its tax return within 12 months. In Nigeria, a company files its CAC annual return within 42 days after its AGM, and its income tax return within six months of the year end. Late UK accounts cost £150 to £1,500; late CAC returns carry a one-off penalty plus daily amounts.
A UK company with a Nigerian subsidiary, or a founder running one company in each country, files the same three things twice: an annual update of who runs and owns the company, a set of accounts, and a tax return. The names, deadlines and penalties differ. This page puts them side by side so you can see each year's obligations at once. The rules are as stated by GOV.UK, Companies House, the Nigeria Tax Administration Act 2025 and PwC's guide to CAMA 2020, read in October 2026.
The annual company update
| UK (Companies House) | Nigeria (CAC) | |
|---|---|---|
| Name | Confirmation statement (formerly the annual return) | Annual return |
| When | At least once every 12 months; check the due date on the register | Within 42 days after the AGM; small and single-shareholder companies need not hold one, so check the portal |
| Fee | £50 online, £110 paper (GOV.UK fees page, Sept 2026) | ₦5,000 for a company with share capital up to ₦100m, per CAC's 29 May 2025 schedule |
| Late | Company and officers may be prosecuted; company may be struck off | One-off penalty (₦1,000 small, ₦2,000 private company) plus any daily amount the portal assesses |
Companies House now requires directors to verify their identity, and the confirmation statement is where existing directors confirm it; see identity verification for Nigerian directors. The Nigerian filing steps are in filing CAC annual returns from the UK.
Accounts
| UK | Nigeria | |
|---|---|---|
| Deadline | 9 months after the accounting reference date (private); first accounts: the longer of 21 months from incorporation or 3 months from the first reference date | Filed with the CAC annual return; small companies may file a statement of accounts attested by the taxpayer with the tax return instead of audited statements (NTAA s.11) |
| Audit | Small-company thresholds for periods from 6 Apr 2025: two of turnover up to £15m, balance sheet up to £7.5m, 50 or fewer employees; small companies can usually claim audit exemption | CAMA has its own small-company tests; check with your Nigerian accountant |
| Late penalty | Up to 1 month £150; 1 to 3 months £375; 3 to 6 months £750; over 6 months £1,500; doubled if late two years running | Penalties under CAMA, assessed on filing |
Company tax
| UK (HMRC) | Nigeria (NRS) | |
|---|---|---|
| Return | 12 months after the end of the accounting period | Not more than six months after the end of the accounting year (NTAA s.11(5)(a)), for a company in business more than 18 months |
| Payment | Usually 9 months and one day after the end of the accounting period | Check NRS guidance for the payment rules that apply to your company |
| Who must file | Every company liable to Corporation Tax | Every company, whether or not liable (NTAA s.11(1)) |
Note the timing gap. A Nigerian company with a 31 December year end files its tax return by 30 June; its UK parent with the same year end has until 30 September to file accounts and 1 October to pay Corporation Tax. The Nigerian figures arrive first, which helps the UK group accounts if the subsidiary closes its books promptly.
Example: a 31 December year end
Example dates for the year ended 31 December 2026, for an established private company in each country, using the rules above.
- 30 June 2027: Nigerian company income tax return.
- 30 September 2027: UK accounts to Companies House.
- 1 October 2027: UK Corporation Tax payment.
- 31 December 2027: UK Company Tax Return.
- CAC annual return: within 42 days after the AGM, or the portal date if no AGM is held.
- UK confirmation statement: by the due date on the register, which depends on incorporation date, not year end.
The first year is different
New companies have their own first deadlines in both countries. In the UK, Companies House sets the first accounting reference date as the last day of the month in which the first anniversary of incorporation falls, and first accounts covering more than 12 months are due at the longer of 21 months from incorporation or 3 months from that date. In Nigeria, the six-month company return rule in NTAA s.11(5)(a) applies to companies in business for more than 18 months, so a new subsidiary should check its first filing date with its adviser rather than assume the standard one. Founders who incorporate in both countries in the same month often find their first-year dates spread across two calendar years.
What to do with this
- Put every date for both companies into one calendar; see a compliance calendar for UK and Nigerian deadlines.
- Align year ends where you can, so the subsidiary's numbers are ready for the parent.
- File early in years when directors travel.
- Keep proof of each filing for at least six years in both countries.
For what happens when a UK filing is missed, see Companies House late filing penalties.
Where Pryme fits
Pryme Business Accounts include a Compliance agent that can keep both companies' dates and prepare reminders and checklists; a person approves each filing.
Questions people ask
When is a confirmation statement due?
At least once every 12 months. Companies House shows the due date on the register for each company.
When is the CAC annual return due?
PwC's CAMA 2020 guide says within 42 days after the AGM. Small and single-shareholder companies need not hold an AGM, so check the date the CAC portal shows.
What is the penalty for filing UK accounts late?
For a private company, £150 up to 1 month late, £375 up to 3 months, £750 up to 6 months and £1,500 after that, doubled if late two years running.
When must a Nigerian company file its tax return?
Not more than six months after its accounting year end, under s.11(5)(a) of the Nigeria Tax Administration Act 2025, for a company in business more than 18 months.
Sources
- Companies House: Life of a company, part 1 accounts (updated 23 Oct 2026) · accessed Oct 2026
- GOV.UK: Companies House fees (updated 25 Sep 2026) · accessed Oct 2026
- GOV.UK: Company Tax Returns · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- PwC Nigeria: Key compliance obligations under CAMA 2020 and CR 2021 · accessed Oct 2026
- CAC New Schedule of Fees (29 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.