Accounts

Limited companies must file annual statutory accounts with Companies House and a Corporation Tax return (CT600) with HMRC. The accounts must comply with UK GAAP (typically FRS 102 or FRS 105 for micro-entities) and include a balance sheet, profit and loss account, and notes. Filing deadlines are 9 months after the year-end for Companies House and 12 months for HMRC.

Micro-entity accounts (FRS 105) are the simplest form of accounts available to very small companies meeting two of three criteria: turnover under £632,000, balance sheet under £316,000, and fewer than 10 employees. Small company accounts (FRS 102 Section 1A) apply to slightly larger businesses and require more disclosure. The right choice depends on your company’s size and needs.

A year-end accounts service typically includes preparation of a profit and loss account, balance sheet, and notes to the accounts in accordance with UK GAAP or FRS 102/105. For limited companies, accounts are filed with Companies House and used to prepare the Corporation Tax return. The process also identifies tax planning opportunities and ensures your financial position is accurately reported.

A limited company must file its accounts with Companies House within 9 months of its accounting year end. The Corporation Tax return must be filed with HMRC within 12 months of the year end, and any Corporation Tax due must be paid within 9 months and one day of the year end. Missing these deadlines results in automatic penalties, so it’s important to engage your accountant well in advance.