Annual Accounts & Corporation Tax
First of all, this page contains information for companies. If you need information for sole traders' accounts and tax return, Please click here.
Q. What do I need to prepare?
A. Statutory Accounts
B. Corporation Tax Return
C. Annual Return
Q. What is included in Statutory Accounts?
A. Balance Sheet, Profit and Loss Account, Notes about the accounts and a director's reports are the main inclusions in Statutory Accounts. Sometimes, and auditor's report is also included.
Q. Auditor's report - Sometimes? Not always? Please explain.
A. Check your articles of association. If it says that a company must get the auditor's report, then you will have to get it. Sometimes, shareholders (at least 10% of shares-by numbers or value) can ask for one. Your company may qualify for an audit exemption if it has atleast 2 of the following.
- Annual Turnover < 6.5 million
- Assets < 3.26 million
- Number of employees < 50
Q. What do I do with the Statutory Accounts? I mean where shall I send them?
A. You will send these accounts to all your shareholders, companies house and HMRC.
Q. Is there any time limit to sent the accounts?
A. Yes, accounts should be filed with companies house within 9 months after your company's financial year ends.
Q. What about the corporation tax return? When it needs to be submitted by?
A. Corporation tax return will need to be filed with HMRC within 12 monthsafter your company's financial year ends. It will need to be submitted alongwith the statutory accounts.
Q. What is annual return? Any time limit for it's submission?
A. Annual return is a yearly snapshot of your company. It contains details about the company, its registered office, shareholders, directors etc. It needs to be filed every year within 28 days of due date.