In accounting, every business must prepare full accounts for HMRC and Companies House each year. The ‘year end’ marks the end of your company’s financial period. For sole traders, we recommend setting it at April 5th to align with the tax year, avoiding confusion with HMRC. For limited companies, Companies House sets the year end one year after the month of incorporation. We handle the filing of all your accounts; you just need to provide a few key documents:

--> Sales invoices or details of sales
--> Paperwork for purchases and expenses
--> Business bank statements for the year

Once you’ve gathered and sent these to us, we take care of the rest, saving you hours and letting you focus on running your business.

Statutory accounts whether full, abbreviated, or micro, can be tricky to determine which version applies. They must include:

-->Balance sheet: Shows what the company owns, owes, and is owed at the financial year-end.

-->Profit and loss account: Details sales, expenses, and the profit or loss for the year.

-->Notes to the accounts

-->Director’s report (not required for micro-entities)

Additionally, accounts must comply with one of the following accounting standards:

-->International Financial Reporting Standards (IFRS)

-->UK Generally Accepted Accounting Practice (UK GAAP)

Yes. HMRC requires your Company Tax Return to be filed within 12 months of the end of your accounting period. However, your Corporation Tax payment is due 9 months and 1 day after your company’s year end, so in practice, you’ll need your tax return ready within 9 months to calculate and pay on time.
Meanwhile, Companies House requires your annual accounts to be submitted within 9 months of your year end.