Harrison Hinchliffe & co are experts in accounts preparation, it is essential that your accounts are checked over by a professional accountancy company so that errors can be checked and remedied through a firm of reputable accountants. If you can prepare your own accounts this is great, however you will still want them to be checked by a professional company in case you end up paying too much tax.
As accounts are standard legal documents, we make sure they are well kept and maintained in order with International Accounting Standards.
We approach your accounts preparation with a step by step approach making sure that nothing is left out and ensuring that we get the best value available for your business during the trading year. We have many clients in the Glossop and Manchester area and we consistenltly provide the best accounts preparation solutions.
File annual accounts with Companies House
9 months after your company’s financial year ends
Pay Corporation Tax
9 months and 1 day after your company’s financial year ends
File a Company Tax Return
12 months after your company’s financial year ends
These deadlines are for private limited companies.
Prepare annual accounts
Your company’s annual accounts – called ‘statutory accounts’ – are prepared from the company’s financial records at the end of your company’s financial year.
You must always send copies of the statutory accounts to:
- all shareholders
- people who can go to the company’s general meetings
- HM Revenue and Customs (HMRC) as part of your Company Tax Return
- Companies House (unless you send ‘abbreviated’ accounts – see below)
How we put together your company’s statutory accounts
Statutory accounts must include:
- a ‘balance sheet’, which shows the value of everything the company owns and is owed on the last day of the financial year
- a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
- notes about the accounts
- a director’s report
Your statutory accounts must meet either:
- International Financial Reporting Standards
- UK Generally Accepted Accounting Practice
Small companies, micro-entities and dormant companies
Your company will be ‘small’ if it has any 2 of the following:
- a turnover of £10.2 million or less
- £5.1 million or less on its balance sheet
- 50 employees or less
If your company is small, you can:
- use the exemption so your company’s accounts do not need to be audited
- choose whether or not to send a copy of the director’s report and profit and loss account to Companies House
- send abridged accounts to Companies House
Sending abridged accounts
You can only send abridged accounts if all your company members agree to it.
Abridged accounts must contain a simpler balance sheet, along with any notes. You can also choose to include a simpler profit and loss account and a copy of the director’s report.
The balance sheet must have the name of a director printed on it and must be signed by a director.
Sending abridged accounts means less information about your company will be publicly available from Companies House.
Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:
- a turnover of £632,000 or less
- £316,000 or less on its balance sheet
- 10 employees or less
If your company is a micro-entity, you can:
- prepare simpler accounts that meet statutory minimum requirements
- send only your balance sheet with less information to Companies House
- benefit from the same exemptions available to small companies