Annual accounts offer a public record of the state of your limited company, as well as enabling you, the director, to calculate how much corporation tax your business owes each year.
Most registered companies in the UK must submit a set of accounts to Companies House every year, along with a Company Tax Return which must be sent to HMRC. Any shareholders of the company should also get a copy of the annual accounts – as well as anyone who attends director’s meetings.
Annual accounts consist of:
- A profit and loss account – details of turnover and profit (or loss) – including company income minus all running costs and expenses.
- A balance sheet – detailing company assets and liabilities
- A director’s report – which summarises the company’s year and sets out the company’s intended strategies for going forward.
- Notes on the accounts – any supplementary information and clarification on the enclosed accounts
- Auditor’s report – a statement from a qualified external party declaring that the accounts are accurate – some smaller companies and micro-entities don’t need to submit this
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When are annual accounts due?
Your annual accounts should arrive at Companies House nine months after your business’s nominated accounting period ends. If you’re a new business, your first set of annual accounts are due 21 months after the first nominated accounting period ends.
By working with QAccounting on your annual accounts, you can rest assured that these deadlines are taken into account when it comes to preparing your documents. As long as you supply us with the information we request – we guarantee your accounts will be submitted on time, every time.
Company Tax Return (CTR)
The Company Tax Return is a document which must be submitted to HMRC every year, which includes details about your company which are relevant in calculating how much tax it will pay that year.
The form includes a tax calculation of your business’s profit and loss for corporation tax. This is not to be confused with the profit and loss account submitted as part of your company’s annual accounts. The CTR should detail company income, any capital allowances, as well as deficits, deductions, losses and reliefs.
Your CTR must also include a copy of the annual accounts you submitted to Companies House.
When is the Company tax Return due?
Your CTR is due three months after your accounting period for Corporation Tax ends. This is usually the same period as your business’s main accounting period.
Your QAccounting professional will keep you on your toes when it comes to deadlines, ensuring you’re prompted to provide the necessary information in good time for us to prepare your CTR.
Why choose QAccounting to work on your annual accounts?
Our existing clients already know that QAccounting’s CTR and annual accounts services can help their businesses in numerous ways.
Here are just some of the benefits of choosing us:
You’ll know everything is 100% compliant
In the UK, the law sets out various rules for the form and content of your annual accounts.
Accounts which contain inaccuracies can incur penalties from HMRC totalling thousands of pounds.
Our clients don’t have to worry – at QAccounting we are experts at producing annual accounts and ensuring they follow all government regulations.
Ensure the most tax-efficient operation
When it comes to your CTR, you want to ensure you’re not paying more tax than you need to.
The professionals at QAccounting are used to helping their clients make the most of tax reliefs, claim the expenses they’re entitled to, and advise on things like asset disposal and pension contributions to help you operate with the utmost tax-efficiency.
Your business shown in the best light
Your annual accounts reflect the situation within your business over the past year. it’s an important snapshot of the state of your business overall, and lenders and investors will use your most recent set of accounts to inform their decisions on whether they want to become involved with your business – whether as a client, investor or partner.
At QAccounting we ensure that your accounts are up-to-date and demonstrative of your company’s strengths.
If you’ve previously done the annual accounts yourself, are working with an unsatisfactory accountant or are in any way concerned about the state of your annual accounts – contact us today. At QAccounting we can unpick poorly prepared accounts and get your records back on track.
Personal, stress-free experience
At QAccounting, you’ll be paired with your own dedicated account manager and nominated accountant who you’ll work with throughout your entire time as a QAccounting client.
You can relax, knowing your account will benefit from continuity of service, without having to waste time explaining anything twice.
What do you need to provide us with?
To prepare and submit your accounts on your behalf, you’ll need to provide QAccounting with your Companies House authentication and HMRC authorisation. We’ll also need your company details, along with records such as receipts, bills, bank statements, dividend vouchers and details of expenses and investments. Your friendly QAccounting account manager will be able to give you a complete run-down of what’s required.
You can rely on us
Whatever your sector or industry, you can rely on QAccounting to provide accountancy services annually for a limited company, including annual accounts, Company Tax returns and much more.