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Statutory year-end accounts refer to the end of your company’s accounting period. For limited companies, this is when you close your accounting for the financial year and file the accounts with HMRC and Companies House.

Preparing these accounts is a legal requirement with all private and limited companies filing accounts on an annual basis – and smaller businesses submitting simpler accounts. See how to prepare statutory accounts here…

Frequently Asked Questions

What do you need to include in your statutory year-end accounts?

Your year-end accounts will normally include:

  • A balance sheet
  • Profit and loss details
  • Directors report
  • Explanatory notes

How do I prepare for my accounting year-end?

Use a checklist to ensure you have documents and information including:

  • Bank statements
  • Cheque payment details
  • Receipts for invoicing and purchasing
  • Records of income and expenses
  • Changes to assets if purchased or sold

What needs to be filed with HMRC?

A company tax return which contains details of your company’s income less any tax allowances and expenses. The profit will be used to calculate how much tax must be paid.

Annual accounts that are made up of an income statement (profit or loss) for the accounting period.

A statement of financial position showing the cumulative value of your business based on assets, liabilities, capital, and reserves.

Information about transactions between your company and its directors such as loans, advances, and guarantees.

What are the deadlines?

Key timelines for year-end HMRC are:

First account payment of corporation tax nine months and one day after your accounting period for corporation tax ends, and filing company tax return within 12 months after the end of the accounting period.

For Companies House:

File first accounts 21 months after the date registered and fila annual accounts within nine months of the year-end.

What are the penalties?

Late filing penalties issued by HMRC are:

  • One day late – £100
  • Three months late – another £100
  • Six months late – a penalty of 10% added on to tax bill estimate
  • 12 months late – an additional 10% of any unpaid tax

Late filing penalties issued by Companies House are:

  • Up to a month late – £150
  • One to three months late – £375
  • Three to six months late – £750
  • Over six months late – £1500
  • Filing late two years in a row – doubles all penalties
  • Can I get professional help?

    Preparing your company’s year-end documents can be quite stressful, particularly when you’re trying to focus on running your business effectively. Why not consider using trusted bookkeeping services in London to ensure you meet your deadlines and don’t have to pay any penalties?

    Outsourced bookkeeping is the ideal solution for entering and processing data and for the preparation of financial documents. And tax professionals providing a statutory accounts service will offer advice on any relevant changes and updates to legislation, as well as information on revisions to accounting standards.

    Submission of your annual accounts and tax returns to HMRC and Companies House will be made on time and on your behalf – whether you’re a small business owner or a limited company. All year-end needs and accounting specifics will be fully identified and comprehensively met.

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