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It is exciting to run a business in the UK, but it comes with a lot of responsibilities. Filing statutory accounts with the government is one of these duties. You must prepare and submit your firm annual accounts along with your tax return if you are the owner of a limited company. Filing tax or company accounts may seem exhaustong, but it can be easy with the correct information and support. Moreover it is necessary to keep your business running in compliance with UK laws.
In this article, we will detail the entire process of filing statutory accounts, making it easier for you to manage accounts and make sure the relevant information is submitted.
Who Needs to Filing Statutory Accounts?
All UK limited companies need to file company accounts annually. It includes:
All private limited companies (Ltd)
Public limited companies (PLC)
Limited Liability Partnerships (LLP)
If you own a small company in the UK or qualify as a micro entity, you must have to submit your company annual accounts. Always keep in mind that any failure to file statutory accounts might lead to penalties & fines. It becomes important to understand the reporting requirements and make sure that accounts are submit on time.
For details on audit exemptions and large company filings, see our Advanced Statutory Accounts Guide
Steps for Prepare and Filing Statutory Accounts
Here are some things you should know if you are file your company yearly accounts, even if some businesses hire accountants to do it for them.
Prepare Your Records
It is essential to ensure that you have all your company’s financial records before you start filing your company account. All your financial records should be accurate and complete. You must include the following documents:
- The accounts for the financial year
- Invoices and receipts
- Director’s annual report
- Bank statement
- A completed OS AA01 for
- Any auditor’s report
- Inventory Counts
- Asset Depreciation details
It is essential to ensure that you have all your company’s financial records before you start filing your company account. All your financial records should be accurate and complete. You must include the following documents:
Prepare the Financial Statements And Account Draft
Once you gather all the financial information, start preparing your financial statement. It involves organising all the information in a specific format and ensuring that all calculations are accurate.
You can prepare your accounts using accounting software or by hire a professional accountant. Furthermore, if an audit is require you must organise your finances in such a way that it is easy to audit.
Conduct An Audit
If your company needs its accounts audited, you must hire a qualified auditor to review and verify your account’s draft and financial environment. An audit ensures that the accounts prepared are accurate and comply with standards.
Submit Accounts to the Companies House
If you have an account, log in to the Companies House Website. If you do not have an account, register yourself and follow the steps required to be eligible for filing your account.
Once you log in to Companies House. the next step is to choose a form according to the size of your company and your filing requirements. In this form you will need to enter information about your company, including your registered office address, number and financial year end date.
Deadline For Company Account Filing
Limited companies in the UK are bound by law to file annual accounts with corporations House and HMRC on a yearly basis. Although, law enforcement organisations do not specifically set a deadline to submit your company accounts. The deadline depends on your Accounting Reference Date (ARD). You must file your private company accounts within nine months of the end of the financial year. However if you are a public corporation you must file within six months. If you fail to complete statutory accounts by the required date you will face penalties and fines therefore make sure you file your accounts on time.
File Statutory Accounts With HMRC
Statutory accounts are also required for your Company Tax Return. Submit them along with your CT600 form to HMRC. Filing online is mandatory for most businesses.
Tips For Filing Statutory Accounts
It is a lengthy and complex process to file accounts but with the following tips it will become easier for you:
- Always stay organised and make a habit of bookkeeping throughout the year to keep your records updated.
- Plan, know the deadlines and try to file accounts on time to avoid penalties.
- If you are not good at managing finance you should invest in getting professional support because accountants and financial advisors can streamline the process.
- You can also use accounting software and tools to automate processes and reduce errors.
- Regularly review finances of your company to find potential errors before the year ends.
Conclusion
It is a legal requirement for every limited company in the UK to file statutory accounts. Although it may appear hard. Staying organised and breaking down the process into manageable steps can make it simple. You can properly and timely submit your accounts if you keep accurate records, understand your duties, utilise the necessary tools, and seek professional assistance.
If your company meets all the legal requirements, it will keep you in a good reputation and relation with legal authorities like HMRC and Companies House and also give insight into the financial health of your company. Do strategic planning, stay proactive, and use resources to make the process of filing statutory accounts easy and stress free.
