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Statutory Accounts

Businesses are required to produce a set of statutory accounts at least once per year, which are submitted to Companies House. These accounts will form the basis for the tax return which tells HMRC how much corporation tax is owed

Aside from accounts being a requirement, as a business you can benefit greatly from carefully considering the information within your set of accounts. Accounts can tell you how well your business is doing and may highlight areas that need to be addressed.

Preparing statutory Accounts

Every company must send a copy of its accounts for each financial year to every member of the company, and file their accounts at Companies House. The accounts you file with Companies House are publicly available.

When are accounts due?

Normally, the time allowed for delivering accounts to Companies House for a private company is nine months from your accounting reference date (ARD). There are penalties for filing your report late, ranging from £150 for filing under a month late, to £1,500 for filing more than six months late. When you form your company, your first accounting reference date will be a year later, on the last day of the month you incorporated. Your ARD will then be on this date every year. For example, if you incorporated your company on the 6th of July 2019, your first ARD will be on the 31st July 2020.

How to file end of year accounts?

There are lots of accounting software products available, which you can use to prepare and file your annual accounts.
If you’re a small company or a micro-entity, you may be able to use the Company Accounts and Tax Online (CATO) service, which allows you to submit your accounts data to both Companies House and HMRC at once.

How to prepare company accounts for a small company?

If the government counts your business as a ‘small company’ or a ‘micro-entity’, you may be able to send simpler accounts to Companies House and not need to be audited.

Your company counts as ‘small’ if it has at least two of the following: a turnover of £10.2 million or less, £5.1 million or less on its balance sheet, and 50 employees or fewer. It counts as a ‘micro-entity’ if it has at least two of the following: a turnover of £632,000 or less, £316,000 or less on its balance sheet, and 10 employees or fewer.

Small businesses and micro-entities can use an exemption so that their accounts don’t need to be audited, and can choose whether to send a copy of the director’s report and profit and loss account.

Why hire us for your accounts?

Your accounts are a report based upon the bookkeeping of your business, whether you have completed the bookkeeping yourself or we have completed the bookkeeping on your behalf. Before we start work on your accounts, we will thoroughly check the bookkeeping to ensure that there are no mistakes or omissions. Once your bookkeeping records are accurate, we use this to produce a set of working papers, which are used to make all the necessary calculations required to turn the bookkeeping figures into a full set of accounts.

T&W Accounts offers a full accountancy preparation service for Statutory and abbreviated accounts for limited companies and CIC, Partnerships, sole traders, and Charities and associations.

Once the accounts are produced we will arrange an informal meeting with yourself to feedback our findings and recommendations, this can range from recommending your business to be VAT registered or a change in the company structure. This meeting gives you an opportunity to ask questions and enhance your understanding. On the back of this adjustments are made where necessary. Your accounts will be produced using our standardised professional template and will be presented to you in either paper format or as a PDF for you.

Once you are happy with the accounts, and any amendments have been made, the tax return is produced and submitted to HMRC. It’s as simple as that.

Bookkeeping taken care of

To prepare your statutory we will update your bookkeeping in addition to preparing working papers so you can establish your debtors and creditors at your accounting reference date.

Invaluable overview of business finances

Statutory reports offer an invaluable overview of business finance. This type of accounting is great for helping the business owner understand day-to-day operational costs, displaying profit that includes all adjustments made at the end of the year.

Generic format, easy to follow

Statutory accounts are formatted generically, following a generic format to make them easy to understand for shareholders and HMRC.

Here’s what we do exactly

Dedicated Accountant – Unlimited help & advice

Full Set of Accounts (Balance Sheet and Profit & Loss)

Completion and Submission of Corporation Tax Return

Completion and Submission of up to 2 Individual Directors Self-Assessment Return

Completion and Submission of Abbreviated Accounts to Companies House

Completion and Submission of Companies House annual return

Deadlines reminder service

Learn the basics

News & Helpguides

For the eager-to-learn business owners, we have a bank of helpful learning guides and information in our resource centre for you to add to your toolkit.

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