Every limited company must file accounts with Companies House annually, regardless of their financial performance or trading status. These accounts provide a comprehensive overview of the company's financial health and are essential for maintaining compliance with regulations.

What Accounts Do You Need to File?

A standard set of accounts typically includes:
  • Profit and Loss Account: This statement outlines the company's revenue, expenses, and resulting profit or loss for the past year.
  • Balance Sheet: This snapshot of the company's financial position at a specific point in time details the company's assets (what it owns), liabilities (what it owes), and equity (the value of the business).
  • Notes: These detailed explanations provide additional context and help users understand the company's financial situation.
  • Director's Report: This report provides insights into the company's financial health, performance potential, capacity for growth, and compliance with financial regulations.

Audit Exemption for Eligible Companies

Companies that meet the criteria for small or micro-entities may qualify for audit exemption, eliminating an auditor's report requirement. This can significantly reduce the time and cost associated with account filing.

Small companies

Small companies can file abridged accounts, a simplified version of standard accounts that eliminates the need for a directors' report and a profit and loss account. This streamlined approach can save time and resources for smaller businesses.

To qualify for abridged accounts, your company must meet two of the following criteria:

  • Annual turnover of less than £10.2 million
  • Balance sheet total of less than £5.1 million
  • Number of employees less than 50

Micro-Entity Accounts

Micro-entity accounts offer a more straightforward filing option for companies with exceptionally small turnovers. To qualify for micro-entity accounts, your company must meet two of the following criteria:

  • Annual turnover of no more than £632,000
  • Balance sheet total of no more than £316,000
  • Number of employees no more than 10

Dormant Companies

As a dormant company, you are still legally obligated to file annual accounts with Companies House. Our comprehensive dormant company accounts filing service covers everything, ensuring you meet all compliance requirements without hassle.

Except for certain insurance and financial firms, most dormant companies can file simplified accounts, eliminating the need for complex financial statements and auditor reviews. Our team will prepare these simplified accounts following FRS102 standards, ensuring they accurately reflect your company's dormant status.

The Companies Act (2006) mandates that dormant accounts be filed within nine months of the end of your company's accounting period. Failure to do so can result in a £100 penalty fine from Companies House. Our efficient service ensures your accounts are filed promptly, preventing unnecessary penalties.

Corporation Tax vs. Company Tax Returns for HMRC

Dormant companies are generally exempt from Corporation Tax, a tax on the profits of limited companies. However, they may still need to file a Company Tax Return with HMRC if they have any other sources of income, such as investment income or rental income.

Dormant companies that qualify as 'small' can take advantage of audit exemption, meaning they don't need to have their accounts audited by an independent auditor. This can significantly reduce the time and cost associated with account filing.

Partner with Your Company Formations to ensure your dormant company remains compliant with all legal requirements. Our experts will guide you through the process and ensure your accounts are filed accurately and on time.

When do you need to file your accounts?

Every company has a specific accounting reference date, which is the starting point for calculating the deadline for filing your annual accounts. Knowing your company's accounting reference date is crucial for ensuring timely compliance with Companies House regulations.

For newly formed companies, the accounting reference date is the anniversary of the last day in the month the company was incorporated. This means that if your company were incorporated on January 31st, your accounting reference date would be January 31st.

For companies that have been operating for some time, the accounting reference date is the anniversary of the day after the previous financial year ended. For example, if your company's financial year ends on March 31st, your accounting reference date would be April 1st.

Timeframe for Account Filing

Companies are granted nine months from their accounting reference date to file annual accounts with Companies House. If your company's accounting reference date is January 31st, you have until October 31st to file your accounts.

Using the Find and Update Company Information Service

If you are unsure about your company's accounting reference date or due date for filing accounts, you can utilise the Find and Update company information service on the Companies House website. Enter your company's name or registration number and the relevant information will be displayed, including the due date for your accounts.

Email Reminder Service for Account Filing Deadlines

To ensure you never miss an account filing deadline, consider registering for Companies House's email reminder service. This service will send you a timely notification when your accounts are due, giving you ample time to prepare and submit them.

Plan Ahead and Avoid Last-Minute Scrambles

Remember, procrastination is not your friend when it comes to account filing. Familiarise yourself with your company's accounting reference date and due date, and prepare your accounts well in advance. This proactive approach will save you from last-minute stress and potential penalties for late filing.

By following these simple tips, you can ensure that your company stays on top of its account filing obligations and complies with Companies House regulations.

How to file your accounts

Navigating the process of filing your company accounts can seem daunting at first, especially if you are unfamiliar with the requirements and regulations. At Your Company Formations, we are here to simplify the process and ensure you stay compliant without any hassle.

Online Filing: The Quick and Easy Option

The quickest and most convenient way to file your company accounts is through Companies House's online filing service.

To File Online, You will Need:
  • Registration for online filing
  • A valid email address
  • A chosen password
  • Your company's authentication code

Built-in Checks for Error-Free Filing

The online service incorporates built-in checks to ensure all necessary information is accurately entered before submission. You will receive automated email notifications when your accounts are received and accepted.

Self-Filing or Professional Assistance? The Choice is Yours

Self-filing is a viable option if you are confident in your accounting skills. However, many companies engage a professional, such as an accountant, for expert guidance and support.

Responsibilities of Directors

Whether you file your accounts yourself or seek professional assistance, the responsibility for ensuring timely and accurate filing ultimately rests with the company's directors.

Maintaining accurate and organised records throughout the year will significantly simplify the account filing process when the time comes.

Your Company Formations: Your Partner in Account Filing

At Your Company Formations, we believe that the heart of any successful organisation lies in its people. Our team boasts over 100 years of combined industry experience in company formation and secretarial services, making us a trusted resource for businesses of all sizes.

Our team members have been instrumental in shaping the company formation industry, consistently delivering innovative and cutting-edge services to a global clientele. We understand that while many companies offer similar services, our people's expertise and dedication set us apart.

We are committed to providing exceptional, affordable service, ensuring every business has access to the guidance and support they need to thrive. Our team's passion for helping businesses succeed is evident in every interaction, and we take pride in building long-lasting relationships with our clients.

With Your Company Formations, you can be confident that you are in the hands of experienced and dedicated professionals committed to helping you achieve your business goals.

Further recommended reading:

Learn more about Companies House’s Role in Company Formations in the United Kingdom.

Find out about shell companies and How Secret Company Ownership is a Risk to Businesses and Investors.

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