Annual Accounts

Limited company annual accounts requirements

All limited liability companies in the UK are legally required to file accounts annually with Companies House following the conclusion of the company’s financial year. The type of accounts that you must submit will vary dependent on the turnover, size of the balance sheet and the number of employees working for the business. These accounts must also be included in the company tax return, which must be submitted to HM Revenue & Customs (HMRC) and state how much corporation tax is owed. Failure to comply with these requirements or to meet the statutory filing deadline, can result in penalties and legal consequences. Therefore, it is important to seek expert help when it comes to preparing and filing company accounts to ensure compliance and avoid any potential issues.

A company’s annual accounts must be prepared based on the company’s financial year, which is the 12-month accounting period chosen by the company to report its financial activity. The financial year can be different from the calendar year and the tax year. The deadline for filing the company’s annual accounts is 9 months after the end of your company’s financial year (known as the accounting reference date), or 21 months after the date of incorporation if it is the first set of accounts being filed. This gives you and your accountant ample time to compile and submit the necessary company information before the end of its financial year.

Sherwin Currid’s comprehensive annual accounts service

Sherwin Currid offers a comprehensive annual accounts service for limited companies as part of our standard accountancy package as well as a stand alone service. Our team of experienced accountants have a wealth of experience working with companies of various sizes including contractors working through PSCs. All of our clients speak to their dedicated accountant who will ensure that they understand your business and will be on hand to answer any questions you may have.

At Sherwin Currid we tailor our service to meet the unique needs of each client. With our expertise and attention to detail, clients can have peace of mind knowing that their annual accounts are in good hands regardless of if this is your first year as a company director or you have a lot of experience.

Tailored Services for Small Businesses and Contractors

Sherwin Currid understands the unique needs of small businesses and contractors when it comes to annual accounts among other accounting requirements. Many of our clients employ us year round to look after all aspects of their accounting and tax including but not limited to VAT, payroll, corporation tax, confirmation statements, personal tax returns and of course annual account preparation and submission. For contractors and businesses alike, our services are designed to simplify the process of preparing and filing annual accounts at the end of the financial year to allow you to focus on providing your goods and services and not worry about compliance and accounting.

Filing your annual accounts with Companies House

Part of our comprehensive accountancy package is the completion and submission of your annual accounts in a timely and efficient manner, in fact we promise a 30 day turn around from receiving your information until we have written and submitted the accounts. We will ensure that you are providing the correct amount of information and remain fully compliant with Companies House and HMRC.

For the vast majority of our clients we also submit their Confirmation Statement to Companies House, as well as a corporation tax return to HMRC following the conclusion of the company’s financial year. Letting Sherwin Currid take care of all of your compliance will give you peace of mind that all of your necessary filings to HMRC are completed in a timely and accurate manner by an accountant who understands your business and who you can contact personally to speak to should you wish to.

Our experience with preparing annual accounts

Sherwin Currid has extensive experience in working with limited companies and assisting them with their annual accounts filings. All of our clients are allocated their own dedicated accountant best suited for their needs, so regardless of if you are a contractor, small business owner or a landlord using an SPV our team of accountants have the knowledge and experience to ensure your tax bill is minimised and your compliance paperwork is filed on time.

For new company directors, filing the first annual accounts can be particularly daunting especially on top of all the different deadlines for various other compliance matters. At Sherwin Currid we guide our clients through the process, ensuring that all necessary information is included and the first accounts are filed correctly and within the first 21 months of incorporation. Your dedicated accountant will be on hand to guide you through the process and will be more than happy to explain the process and accounts to you to ensure you get the best value for money from our service.

What accounts you need to file

When it comes to filing annual accounts, limited companies have specific requirements based on their size and structure. The type of accounts that need to be filed depends on whether the company is classified as small, micro entity, or a larger organisation.

While large companies must file statutory accounts small companies have the option to file abridged accounts, which are a simplified version of the full annual accounts. Abridged accounts do not require a director’s report or a profit and loss statement. Micro entities have even fewer requirements and can file micro-entity accounts, which are simpler than both small and abridged accounts. In addition, companies that qualify as small or micro-entities can take advantage of audit exemption for their small company accounts, reducing the burden of filing and potentially saving money on an auditor’s report.

Our team of accountants works closely with clients to gather the necessary financial information and prepare accurate and compliant accounts that satisfy your company’s specific requirements.

Frequently asked questions

Please get in touch if you would like to discuss this area with us further, we would be delighted to hear from you.