Annual accounts are basically a detailed report comprising details about an organization/company’s financial activities and performance throughout its proceeding financial year. According to the UK’s corporate laws, it is essential to submit this report annually with Companies House, shareholders, and other stakeholders.
In the UK, it is vitally essential for every registered public and a private company to submit this report annually to Companies House to remain compliant and amenable.
For Second Year and Onward Online Accounts in the UK
For the second year and onward, you are required to submit annual accounts to Companies House within 9 months after the ending of your financial year.
For First Submission:
Once you register your business with Companies House, you are essentially required to submit annual accounts reports to Companies House within 21 months as per the regulations of the stock exchange involved.
Possible Penalties for Lates or Not Filing
Companies House also imposes the following fines and penalties if a business fails to submit accounts reports within the set deadlines:
For private limited companies, these penalties start from £150 for up to a month late and can increase up to £1,500 if this period goes over 6 months; however, there are certain slabs like for 1 to 3 months, this penalty will be £375, and for 3 to 6 months it will be £750
Failure to file annual accounts to the Companies House is a legal offense and can make the respective company’s directors and owners vulnerable to face courts and fines. Companies House has the right to take any kind of criminal proceedings against such businesses.
Content of annual accounts reports:
Summary of company information:
- Directors of the company
- Accountant’s detail
- Registered office address
- Company registration number
The report recapitulates the primary activity of the company and details about executives and comprises the consent of the signatory director.
The report explicates the obligation of the accountants, constraints of accountants’ accountability, address of the accountants, and details about mechanical assistance used to arrange the report such as ICAEW and ACCA.
Profit and loss account
Profit and loss account or income statement expresses the revenue generated expenses incurred for the stated period. Incurred expenses may include direct costs, managerial expenses, duties, write-offs, and other incomes or losses. Through this portrait, administrators and shareholders can get an idea about whether the company made profits or faced loss during the recounted period.
Statement of Financial Position
A balance sheet or otherwise known as the statement of financial position, is an abstract of the financial steadiness of a business entity; the statement is also termed as a snapshot of a business’s financial standing. A standard statement of the financial position of a company has three parts, mainly: liabilities, assets, and equity. Ownership equity, liabilities, and assets are listed as of a particular date, for example, at the end of its fiscal year or any preferred intervals as part of management accounts.
Notes to the accounts:
Notes to the accounts are the chronicle description of the statistical figures of the business statements. This is the supplementary information indexed at the end of financial reports to make available the broader valuation of a business’s financial position.
Our Annual Accounts Services in London
We suggest our experts for preparing your business’s accounts. A precise and inclusive set of accounts can construct your self-assurance that you are disbursing the right sum of the tax to HMRC. Additionally, you will feel the interminable level of security and relaxation while making business decisions on the base of prepared reports.
We frequently receive stories from unfulfilled business proprietors concerning their financial reporting portion, who have struggled to formulate their accounts to save money on their own; instead, they penalized (such as penalties and duty charged by HMRC) or miscarried to make claims for all the permissible expenses due to privation of information, causing greater costs for them.
Our Annual Accounts Services in the UK
- Planning and preparation of annual accounts in London as per the International financial reporting standards
- Sending notices before the closing date so you can have enough time to collect essential information
- Counseling on assessed corporation tax liability on a periodical basis
- Guiding on minimum wages and disbursements on a three-monthly basis, so you can relish maximum advantages without forfeiting additional taxes
- Appeasement of bank accounts and fulfillment of the missing records concerning bank transactions.
- Applying the right method of devaluation or remuneration and providing assessments about the type of account balances or transaction
- Investigating the main difference in comparatives (in any)
- Using carried forward damages in the best tax effective manners
- Recording of accruals and bad debts
- Submission of annual accounts to Companies House
- Corporation tax calculations and submissions to HMRC.
101Accountant will provide you with organized reports 1 month in advance before reaching the deadline, so you should have sufficient time to appraise and approve the ready accounts to evade late filing fines.
How much does all this cost?
We offer a full set of accounts services along with a variety of valuable supplementary services at a fee that is favorable to your company.
We provide inexpensive fixed fee services that start from £20 per month at least and can vary for different business structures and formations. For Sole traders and partnerships, this is just £20 per month, and for limited companies and limited liability partnerships, this fee is just £50 per month only, which is quite low than that of the market prices for these services.
So, what are you waiting for? Just place your business particulars and get a quotation customized to your business.