Annual Accounts
Preparing accounts in line with UK financial reporting standards without the relevant training can be a recipe for disaster.
The requirements can be simple or complex depending on the size and nature of your business. We take nothing for granted when it comes to your accounts. Big or small, our expert eye is over every aspect of your report, ensuring full compliance with the regulations and guidance of the UK financial reporting standards.
With every set of accounts, we offer you the chance to assess the financial health of your business. We see the year-end process as a fantastic opportunity to assess your performance and address any queries or concerns you may have about the future. Making informed decisions off the back of a detailed review of your accounts will give you the confidence to achieve your financial objectives. We aspire to not only make the numbers make sense but to inspire belief and confidence that the risk you take running your own business will be worth it in the end.
WHY ARE ANNUAL ACCOUNTS PREPARED?
There are many reasons but the main one is to comply with the law. It is a legal requirement to prepare and file accounts to Companies House. HMRC uses the accounts to assess the corporation tax liability of the company.
WHAT DOES A SET OF ACCOUNTS INCLUDE?
A full set of accounts will include a balance sheet, profit and loss, director’s report and notes to the financial statements.
WHAT INFORMATION DO I NEED TO PROVIDE?
Your complete bookkeeping records for the financial period should be enough. Documents such as bank statements, loan agreements and asset purchase invoices are always useful.
HOW SOON AFTER MY YEAR-END SHOULD I SUBMIT MY ACCOUNTS?
The earlier the better, but you have 9 months post year-end to avoid any penalties.
WHAT ARE THE PENALTIES FOR FILING LATE?
Late filing penalties change depending on how late the accounts are filed. The initial fine is £150.
WHAT HAPPENS IF I DON'T FILE ANNUAL ACCOUNTS?
Not filing your accounts is a criminal offence. Directors could be personally fined for this in the criminal courts. The registrar could also take steps to strike your company off the register.
WHAT IS A MICRO ENTITY?
If your company is small enough it will be classed as a micro-entity. This means you can prepare simpler accounts that meet the statutory minimum requirements.