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Coddan CPM Ltd. – Company Registration Agent in the UK
Home Limited Companies Advantages of UK Tax Resident Company Preparation and Filing of Annual Accounts for Tax-Resident Company

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Preparation and filing of annual accounts for tax-resident firm with HMRC and Companies House

Tax Resident Company Establishment

Preparation and filing of annual accounts for tax-resident firm with HMRC and Companies House: at the end of the financial year, a limited company is legally obliged to prepare its full annual accounts. This information is then used to calculate how much corporation tax is due, or to prove to HMRC that there is no tax due. Copies of the completed statutory accounts must be sent to Companies House, HMRC and all shareholders.

Private limited companies must file their accounts with Companies House within nine months of their financial year end. Corporation tax must be paid within nine months and one day of the financial year end. Tax returns must be filed within one year of the financial year end. The tax return deadline and the corporation tax deadline may differ if the accounting period differs from the financial year. You can apply for an extended deadline from Companies House if an event outside of your control prevents you from submitting your accounts.

Working out what is due when, can quickly become complicated and many businesses seek accounting services, such as those provided by Coddan Formations Agency, in order to make sure that their statutory requirements are met.

New limited companies are required to take additional steps. They must send more than one tax return into HMRC. This is because new private companies automatically start with different reporting dates: one date for Companies House and another one for tax returns with HMRC. Again, this can become complicated and you may need to seek the help of tax professional such as Coddan Formations Agency.

Statutory accounts are required to include: -

  • The balance sheet, showing the value of all assets and debts (this must be signed by a director and his or her name printed on it)
  • The profit and loss account
  • Any relevant notes concerning the accounts
  • The director's report

Depending on the size of a company, an auditor’s report may also be required.

The statutory accounts must meet either UK Generally Accepted Accounting Practice or International Financial Reporting Standards. An accounting professional will be able to make sure that these standards are met. Smaller companies may be able to send abbreviated accounts into Companies House. That way, less information about the organisation is publicly available.