When the year-end arrives for your limited company, we will work with you to ensure we’ve everything we need to file your accounts direct with HMRC. We’ll take care of your Company Tax return and will let you know exactly how much Corporation Tax is due.
If required we can produce monthly, quarterly or annual management accounts, so that you can “see as you go along” how your company is performing. We are fully HMRC compliant. We file Accounts and Corporation Tax Return to the HMRC and Companies House on your behalf. You just need to share the basic financial data and the remaining part such as creating iXBRL Accounts and the CT600 Return is done by our team. This effectively saves you from the burden of preparing the Accounts and Tax Return at a very affordable price.
There are consequences you need to be aware of for failing to submit accounts to Companies House, which we can ensure you avoid. If the registrar believes that a company is no longer carrying on business or in operation, it could be stricken off the register and dissolved. If this happens all the assets of the company, including its bank account and property, generally become the property of the Crown.
Failure to deliver accounts on time is also a criminal offence. In addition, the law imposes a civil penalty for late filing of accounts on the company. The amount of the penalty depends on how late the accounts arrive.
Statutory Accounts
The contents of Statutory Accounts and filing requirements will be dependent on whether your company is “Small” or a “Micro-Entity”.
A company is a Small Company if it meets 2 of these 3 conditions:
Turnover less than £6.5m
Net Assets less than £3.26m
Fewer than 50 employees
A Small Company may:
File Abbreviated Accounts to Companies House – that is a shorter version of the full Statutory Accounts – this means that less information about the company will be available to the public. It contains a Balance sheet signed by a directors and reduced notes. The full Statutory Accounts must still be prepared for the shareholders and filed with HMRC with the Company Tax Return.
Choose not to be audited
Not file a copy of the Director’s Report
Micro-Entities
Turnover: Not more than £632,000
Balance Sheet total: Not more than £316,000
Average number of employees: Not more than 10
A Micro-Entity Company may:
File a simpler Balance Sheet and Profit and Loss Account, with reduced headings.
Include No Notes to the Accounts are required, except, where applicable, details of any advances, credit and guarantees with directors, and details of other more complex financial arrangements.
All of the above will be taken care of for you in a timely and cost-efficient manner.
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