Annual Accounts
What are Annual Accounts?
If you are the director of a limited company, you have the responsibility to file documents to Companies House, every year. This applies even if a company is dormant.
By filing annual accounts with Companies House, you are reporting the activity and financial performance of your business during the financial year. This report showcases the financial information regarding your company’s income and expenditure, as well as assets and liabilities.
Annual Accounts report is necessary to work out how much Corporation Tax your company has to pay and to produce the Corporation Tax return.
What do I need for the preparation of Annual Accounts?
Annual Accounts are prepared by processing all of the company’s accounting records. By this, it is understood all documents supporting income and expenses, stock, bank statements and any other financial document relevant to the running of the business.
All accounting records must be kept for a minimum of 3 years from the date they were made. Failing to do so results in penalties. The records must be made available to inspection should an investigation take place.
When do I need to file the Annual Accounts by?
If this is the first year you incorporated your business, the deadline to file the accounts is 21 months from the date of registration.
If it is not the first year, the deadline is 9 months after the financial year ends.
Failing to file accounts is a criminal offence and will also result in penalties.
What can Priority Point do for you?
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We prepare your Annual Accounts in line with the rules and regulations in place to ensure compliance with the Companies Act 2003
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We are financial accountants and so have extensive expertise in preparing and producing accurate Annual Accounts, which give a fair overview of your company’s financial situation
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We file the Annual Accounts to Companies House and HMRC on your behalf
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We keep you informed of deadlines to submit the Annual Accounts, to avoid penalties
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We guide you on how to make the payments to HMRC
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Everything we do is online, therefore approving and signing the accounts does not require your travel to our office. We use electronic signatures for all reports and correspond with you via email and telephone.
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We keep up to date with the changes in legislation regarding the way your financial information has to be reported, so you don’t have to.
Where you get your advice from is important. As a director, you are liable for everything that is included in the Annual Accounts report.
Talk to a certified accountant about your accounts now.