All companies registered in the UK (Ltd Company, LLP, Sole Trade) need to file Annual Accounts before the end of 12 months every year, from the date of incorporation. This year end accounts, also known as Statutory or Company Accounts needs to be filed with HMRC and Companies House. All accounting records and year end accounts that are filed need to be in compliance with relevant company laws and need to be completed as per valid accounting principles. This will make the records useful for the purpose of filing tax returns and also for the purpose of VAT calculations.
Two components form part of year end accounts – the Annual Accounts which needs to be filed with the Companies House and the Corporation Tax with Annual Accounts which needs to be field with HMRC. The first has a timeline of nine months from year end, while the latter needs to be concluded twelve months from year end.
We commence work on Annual Accounts well in time to beat deadlines comfortably. The timely submission of the accounts to Companies House and the CT600 (Corporation Tax) to HMRC ensures that penalties for late filing are avoided.
Accounting services, in addition to meeting compliance requirements helps businesses with invaluable information in the reports that will help in planning and keeping the financial health of the company in better shape. At Target Accounting, our professional teams of accountants help companies with crisp reports that are collated from the year end accounting submissions. While companies are fully aware that delayed filing invites penalties, many still end up rushing in at the last moment or after the deadline. This is entirely because of stretching resources and a lack of adequate professional knowledge of statutory requirements in filing. Additionally, many companies lose sight of the fact that non-filing of year end accounts can be deemed to be a criminal offence which can result in the company finding itself removed from the public register.
We have considerable experience in various accounting standards that may be necessary for entities of different sizes – for instance the FRSME (Financial Reporting Standards for Medium-Sized Entities) and the FRSSE (Financial Reporting Standards for Smaller Entities). Our services are comprehensive, offering ultimate convenience and full compliance for the clients. The nature of services and the allotment of resources to handle the requirements are dynamic, as per specific requirements in terms of technicalities and volume.
For instance, businesses that are regarded as Medium Size Entities will require reconciliation, financial statements, trial balance, statutory schedules, records of transactions as per various standards, including GAAP.
Year accounts filing is more complex in nature, and an in-house accountant, handling many responsibilities related to routine activities may not be in a position to complete all formalities on time and in an accurate manner.
Our professional and dynamic service offerings ensure that year end accounts is not the end of anything, but a beginning to a future of better financial health and complete compliance.