Company Accounts Filing
Company Accounts provides an overview of a company’s financial performance, income, expenses, assets, liabilities, and equity.
Company accounts filing is the process of submitting your company’s financial statements to Companies House. This is a legal requirement for all UK companies, regardless of size or type.
What is Company Accounts Filing?
Company accounts filing is the process of submitting your company’s financial statements to Companies House. This is a legal requirement for all UK companies, regardless of size or type.
A Company must always send copies of the statutory accounts to all the shareholders, Companies House and HM Revenue and Customs (HMRC) as part of your Company Tax Return.
Company’s Annual Accounts
Company’s annual accounts are prepared from the company’s financial records at the end of your company’s financial year.
File with Companies House
Company accounts must be filed within nine months of your accounting reference date. Accounting Reference Date is the date at which your financial year ends.
File Company Tax Returns (CT600)
Company Tax Return has to be filed with HM Revenue and Customs (HMRC) within 12 months after the conclusion of the accounting period.
Pay Corporation Tax
The Corporation Tax is payable on the first day following a period of nine months after the conclusion of your accounting period.
File Accounts and Pay Corporation Tax on time…!
File Company accounts with Companies House,
Company Tax Returns (CT600) with HM Revenue and Customs (HMRC) &
Pay Corporation Tax on time to avoid penalties and interest
When and where to file Company Accounts?
Company accounts must be filed with Companies House and HM Revenue and Customs (HMRC) within the designated timeframes is imperative to steer clear of penalties, interest, and potential legal repercussions.
How to File Company Accounts?
Want to know more about the requirements, process, and timelines of Company Accounts fling?
Schedule a 30 minute FREE video meeting
* Consultation will be arranged online with experts based on their availability
Company Accounts
Company accounts pertain to the financial statements that are compiled for a specific period concluding on the Accounting Reference Date (ARD).
Accounting Reference Date (ARD)
The Accounting Reference Date (ARD) is a specific date that marks the end of a company’s financial year. ARD is set on the anniversary of the last day of the month in which the company was incorporated
Type of company accounts
Based on the business turnover and size of the company, Company Accounts are classified as:
- Micro-Entity Accounts
- Small Company Accounts
- Dormant Company Accounts
- Full Company Accounts
Micro-Entities
Micro-entities are very small companies which fulfill any 2 of the following:
- Turnover of £632,000 or less
- £316,000 or less on its balance sheet
- 10 employees or less
A micro-entity can prepare simpler accounts with less information to Companies House
Small Companies
A Company will be ‘small’ if it has any 2 of the following:
- a turnover of £10.2 million or less
- £5.1 million or less on its balance sheet
- 50 employees or less
A Small company’s accounts do not need to be audited and can send abridged accounts to Companies House
Dormant companies
A dormant company is a company with no ‘significant transactions in the financial year. Significant transactions do not include:
- Fee payments to Companies House
- Payment of penalties for late filing of accounts
- Money paid for shares when the company was incorporated
Abridged Accounts
Abridged accounts contain a simpler balance sheet, along with any notes. The company can also choose to include a simpler profit and loss account and a copy of the director’s report where less information about your company will be publicly available from Companies House.
Audit of Companies
A Company’s Accounts are subject to an external audit if it has any 2 of the following:
- Turnover is more than £10.2 million
- Assets totaling in excess of £5.1 million
- Employ more than 50 people
Filing with Companies House
Company accounts must be submitted to Companies House within nine months of your accounting reference date. Not meeting the filing deadline can lead to penalties, and consistent non-compliance may result in possible legal consequences and the company’s removal from the register.
Confirmation Statement
A confirmation Statement is a statutory document to be filed annually with Companies House to confirm or update key information about the company such as Registered Office Address, Officers, Shareholders, SIC Codes, Statement of Capital, People with Significant Control (PSC), and Trading Status
File CT600 with HMRC
CT600 return must be submitted to HM Revenue and Customs (HMRC) within 12 months following the conclusion of the accounting period.
Pay Corporation Tax
The Corporation Tax is due for payment on the first day after a nine-month period following the conclusion of your accounting period.
FAQ – Company Accounts Filing
1. What are company accounts?
Company accounts are financial records that provide a detailed overview of a company’s financial performance, including its income, expenses, assets, liabilities, and equity. They are prepared annually and serve as a basis for assessing the company’s financial health.
2. When do the company have to prepare the Accounts?
Every company must prepare accounts that report on the performance and activities of the company during the financial year.
3. What is a financial year?
A financial year is usually a 12-month period for which a company has to prepare its accounts. For a new company, your financial year starts on the day of incorporation.
4. What is Accounting Reference Date (ARD)?
Accounting Reference Date (ARD) is the last day of your company’s financial year and the date that your annual accounts must be made up to. It is automatically set by Companies House as the anniversary of the last day of the month of company incorporation.
5. Who is responsible for preparing and filing company accounts?
The directors of a company are responsible for ensuring that accurate and complete accounts are prepared and filed on time.
6. When are company accounts due for filing?
Your company accounts must be filed within nine months of your accounting reference date. Accounting Reference Date is the date at which your financial year ends. For example, if your financial year ends on 31 March, you must file your company accounts by 31st December.
The deadline for filing company accounts varies depending on the type and size of the company.
7. What are the consequences of non-filing or late filing of company accounts?
Non-filing or late filing of company accounts can result in penalties. These penalties can increase the longer the accounts are overdue. Continuous late filing or Non-filing of accounts can lead to more serious consequences, such as legal action or the company being struck off the register.
8. What if the company is unable to file accounts on time?
If the company is unable to file accounts on time, it can apply for an extension. This extension of time to file accounts must be requested before the filing deadline.
9. Are there any exemptions from filing company accounts?
Certain entities, such as dormant companies (those with no significant financial activity), may qualify for exemptions from filing full accounts. However, they may still be required to submit abbreviated accounts or other relevant documents.
10. Can company accounts be filed electronically?
Companies House and HMRC provide an online platform where the Company Accounts are to be filed electronically.
11. What information is included in company accounts?
Company accounts typically include an income statement (profit and loss account), a balance sheet, cash flow statement, notes to the financial statements, and, in some cases, an auditor’s report.
12. What is abridged accounts?
Abridged accounts contain a simpler balance sheet, along with any notes. You can also choose to include a simpler profit and loss account and a copy of the director’s report.
Sending abridged accounts means less information about your company will be publicly available from Companies House.
85 Great Portland St
First Floor
London, W1W 7LT
United Kingdom
Phone: +44 7774 289 144
E-Mail: info@nominalcode.comÂ