As a company director you are legally responsible for maintaining and filing accurate accounting records.

What are company accounts?

Company accounts are a financial record or summary of the business activity over the previous 12 months. For most small companies, they will contain the Balance Sheet, Profit and Loss Statement and some notes.

What are the legal requirements? 

Preparing your company accounts is a legal requirement of any limited company and they must be prepared annually at the end of your company’s financial year and submitted to Companies House. 

Your company’s financial year starts on the day of incorporation and a year later (rounded to the end of the month) will mark your first accounting reference date (ARD). If you are a private company, you will need to file your company accounts and pay any Corporation Tax due within nine months of your ARD. Failure to do so can result in penalties ranging from £150 to £1,500.

You will need to send a copy of your company accounts to any shareholders, Companies House and HMRC. The accounts submitted to Companies House are publicly available. The accounts filed with HMRC make up part of your annual Corporation Tax Return.

How we can help

We can help you with setting up a system in order to record all your company transactions in a manner that will enable a quick production of the company's accounts for filing with HMRC and Companies House. Whether that is using software such as Xero or Sage or Excel spreadsheets. Depending upon your business requirements.

Fees

Our fees for company accounts start from £575 with adjustments for short period cases.

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