We prepare your private limited company's statutory accounts (annual accounts) and send copies to all shareholders, Companies House and HMRC. The statutory accounts must include your company’s:
- Balance sheet,
- Profit and loss account,
- Notes about the accounts,
- Director’s report (excluding micro-entities).
When preparing statutory accounts, there are 3 size classifications of companies to consider; small, medium or large. Your company will be classified as '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 limited company qualifies as a small company, you do not have to get your company accounts audited, which means we can send simpler (abridges) accounts to Companies House (must be agreed by all members). Some companies must have an audit even if they meet the rules for not having one. For further information, go to https://www.gov.uk/audit-exemptions-for-private-limited-companies
Abridged accounts contain a simpler balance sheet (signed by a director) and a simpler profit and loss account (optional). You will decide whether you wish us to send a copy of the director’s report and profit and loss account to Companies House. Be aware filing abridged accounts means less information about your company will be publicly available from Companies House.
Within the small company classification, there is a sub-set called a micro-entity. Your company will be classified as 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, it will benefit from the same exemptions available to small companies, which means we can prepare simpler accounts that meet statutory minimum requirements and send only your balance sheet with less information to Companies House.
Any companies that do not meet the criteria for micro-entities, small or medium are large companies and will have to prepare and submit full accounts.
Your limited company is subject to Corporation Tax on its profits. If your company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad. However, if your company is not based in the UK, but has an office or a branch here, then it only pays Corporation Tax on profits from its UK activities.
If your company receives a ‘notice to deliver a Company Tax Return’ (CT603) from HMRC you must send a Company Tax Return (CT600). This notice is sent to every company HMRC believes to be active and it defines requirements which include:
- A copy of the company accounts for the period covered by the Company Tax Return,
- Details of how the specified information has been calculated from relevant figures in the accounts.
The deadline to file your Company Tax Return is 12 months after the end of the accounting period and the current rate is 19%.
Limited Company Accountants - Statutory Accounts & Company Tax Return
We offer a wide range of accounting services that can be tailored to your requirements, from bookkeeping to tax advice. Get in touch to find out how we can assist you and provide you with ongoing support.
We are small business accountants with the big picture in mind. Our cost-effective accounting services are designed to help your business reach its full potential.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice.
Xero-Accountant Co. Ltd is a company registered in England & Wales (12966530)
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