All businesses have to prepare annual accounts but the format varies depending on what type of business you have.
If your business is a limited company or a limited liability partnership you will have to file annual accounts with Companies House every year generally within 9 months after the end of the financial year.
Accounts can be filed either online, through the Companies House website or by using Company Secretarial software, or on paper by post.
There are different types of accounts and your business may qualify for filing the following:
- Accounts for a micro-entity
- Accounts for a small company
- Accounts for a medium company
- Dormant accounts
There are complex rules around how your accounts should be prepared and presented and what has to be filed at Companies House and we always advise that you seek help from a Chartered Accountant to make sure that you don’t fall foul of the regulations. Late filing of accounts will incur penalties so you need to make sure that you are aware of your obligations as a director of a limited company.
If your business is a sole trader or unincorporated partnership you will have to prepare accounts for your self-assessment tax return for which the filing deadline is the 31st January following the tax year ended 5th April each year.
In order to ensure that your accounts are prepared in accordance with HMRC guidelines you will need to understand what costs are deductible from your turnover and possibly how to claim capital allowances, loss relief etc.
If you would like to talk to us about this or any other matter please get in touch.
Like all new businesses, we had a big decision to make concerning who to trust with our accounts. Val and her team came recommended and it was the best first decision we made. Of course, we wanted a thorough interpretation and administration of our finances but get so much more. Engaged with our needs, pro-active & responsive but above all possessed of clear thinking, Val translates insight into easy explanation. Beyond the Numbers is a cultural and professional fit for us, a relationship we wouldn’t do without.
Steve Horne, Hemisphere Brands Ltd
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