Preparing company accounts for the first time can seem like a daunting task. In order to meet company account deadlines, it\u2019s best to get organised and ask for financial advice where necessary. <\/p>\n\n
We\u2019ve put together an overview of how to file company accounts to help you get started. You\u2019ll need to know about: <\/p>\n\n
Company accounts include full (statutory) annual accounts and your company tax return. Statutory accounts<\/a> are annual financial records prepared at the end of your company\u2019s financial year and sent to shareholders, Companies House, and HMRC as part of your tax return.<\/p>\n\n\n\n All limited companies must file their company accounts each year, although small businesses can send simpler accounts than their bigger counterparts.<\/p>\n\n Please use this article as a guide only and get professional advice before preparing your accounts. You can check the <\/strong>government\u2019s company accounts guidance<\/strong><\/a> and speak to an accountant.<\/strong><\/p>\n\n Statutory accounts include a:<\/p>\n\n Depending on the size of your business, you may also have to include a director\u2019s report and an auditor\u2019s report.<\/p>\n\n But if the government counts your business as a small company<\/strong> or a micro-entity<\/strong>, you may be able to send simpler \u2018abridged\u2019 accounts to Companies House and not need to be audited.<\/p>\n\n Your company counts as small<\/strong> if it has at least two of the following:<\/p>\n\n\n\n It counts as a micro-entity<\/strong> if it has at least two of the following:<\/p>\n\n\n\n Small businesses and micro-entities can use an exemption so that their accounts don\u2019t need to be audited, and can choose whether to send a copy of the director\u2019s report and profit and loss account. The balance sheet can be simpler.<\/p>\n\n Micro-entities can prepare simpler accounts that just meet statutory minimum requirements, and send only their balance sheet to Companies House.<\/p>\n\n Statutory accounts need to meet accounting standards, either:<\/p>\n\n Every company needs to 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.<\/p>\n\n Normally, the time allowed for delivering accounts to Companies House for a private company is nine months from your accounting reference date (ARD). Your ARD refers to the end of your financial year.<\/p>\n\n When you form your company, your financial year starts on the day of incorporation and 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. <\/p>\n\n For example, if you incorporated your company on the 6 July 2023, your first ARD will be on the 31 July 2024, and then 31 July every year.<\/p>\n\n\n\n As you deliver company accounts nine months after your ARD, this means your first company accounts aren\u2019t due until 21 months after the date you registered with Companies House (your first financial year, plus nine months).<\/p>\n<\/div>\n\n There are penalties for filing your report late, ranging from \u00a3150 for filing under a month late, to \u00a31,500 for filing more than six months late.<\/p>\n\n Action<\/p>\n\n<\/th> Deadline<\/p>\n\n<\/th><\/tr><\/thead> File first accounts with Companies House<\/p>\n\n<\/td> 21 months after registering with Companies House<\/p>\n\n<\/td><\/tr> File annual accounts<\/p>\n\n<\/td> Nine months after the end of your company\u2019s financial year<\/p>\n\n<\/td><\/tr> Pay corporation tax (or tell HMRC you don\u2019t owe any)<\/p>\n\n<\/td> Nine months and one day after the end of your company\u2019s accounting period for corporation tax<\/p>\n\n<\/td><\/tr> File company tax return<\/p>\n\n<\/td> 12 months after the end of your company\u2019s accounting period for corporation tax<\/p>\n\n<\/td><\/tr><\/tbody><\/table><\/figure>\n\n You use your company accounts and company tax return to work out how much corporation tax to pay, but confusingly, corporation tax is due before your company tax return.<\/p>\n\nHow to prepare company accounts for a small company<\/h2>\n\n
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Small companies and micro entities<\/h3>\n\n\n\n
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Company accounts deadlines: when are they?<\/h2>\n\n
Company accounts deadline \u2013 example<\/h3>\n\n\n\n