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Preparing for Your Annual Accounts
1. Legal Requirements
1.1 The accounts you submit to HM Revenue & Customs (HMRC) with your corporation tax return form the basis for the company's tax calculations each year.
- They are submitted with the company's tax return, within 12 months of your company's financial year end. The tax becomes payable at nine months so accounts are normally submitted around this date.
1.2 As a limited company, you must also make your accounts publicly available by filing them with Companies House.
- The accounts must be submitted within nine months of your company's year end, previously 10 months for accounting years ending before 5 April 2009.
- Most companies with a turnover below £25.9 million can, if they wish, file abbreviated accounts. These exclude the profit and loss account and most of the Notes (see 2.1).
- Company directors are legally responsible for ensuring the accuracy of the accounts. Using an accountant does not diminish this responsibility.
Labels: Accounting
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