If you are a private limited Company and your company's financial year end is December 2021, you need to file your annual accounts latest by the end of September.
The deadline to file the accounts with the Companies House is 9 months after the Company's financial year ends. While you need to file accounts with the Companies house you need to file your tax return with the HMRC.
You can do this separately or you can also do it together using an online service.
To file the accounts online you need to make sure that you have a full set of annual accounts made which should include:
- Profit and Loss statement
- Balance sheet
- Notes about the accounts
- Director's report
The annual accounts that you prepare should be according to the international standards that means that IFRS should be followed, or you can use UK GAAP. If you are not sure you can hire an accountant. We at Taxaccolega have a team of accountant who can help you with the making of the accounts accurately and according to the standards.
You should have a record of income and expenses, company assets, liabilities and credits, you should also have a record of the inventory of the stocks at the end of the financial year. All the business bank account statements should be available which are needed to prepare the annual accounts.
If your company is VAT registered, you should have all the VAT records of your business to fill in the VAT returns which are also reflected in your annual accounts.
You should also make sure that you have all your PAYE records, in case your company is registered as an employer. You will have to incorporate all this information in your annual accounts, and you are required to keep a record of all the company documentation.
To use the online service to file the accounts you will need:
- Your company authentication code
You should apply to get this code as early as you can as it takes up to 5 days to get the code by post. Due to security reasons HMRC only sends these codes by post. You will need your company number, your email address to apply for the code.
You will also be needing:
- Government gateway ID and password if you want to file the accounts and the tax return online.
You should know when you are due to file your accounts and tax returns, if you are late and you do not submit on time you will have to face penalties. These are as low as £150 if you are up to 1 month late and as much as £1500 if you are more than 6 months late in filing the accounts.
If you think you are not ready to file your accounts with the Companies house because you have a valid reason and because of an event which was not under your control you can tell the Companies House. If your business is affected by the Coronavirus, you might be able to apply for the extension of 3 months. If you have received any penalties you can contact us and we will appeal on your behalf.
Our committed team at the Taxaccolega can help you with preparing and filing the accounts. If you are looking for accountants at reasonable rates in Croydon, Surrey, London contact us at 020 8127 0728 and our team of expert accountants having an in depth knowledge of PAYE, VAT and all the accounting standards will prepare your accounts and file them in the timely manner.