Accounts Filing & Preparation
If your company is considered to be small, and has a turnover of below £6.5 million per annum, you are able to file abbreviated accounts with Companies House.
Nonetheless, you must still create full statutory accounts for HMRC and shareholders.
If your company is dormant, you must still create dormant companies account, inclusive of balance sheet and notes, and file this with Companies House.
If your company has a turnover of £6.5 million per annum, or has assets of a value no greater that £3.26 million, or has less than 50 employees, it can apply for an audit exemption.
A medium or small sized company that is filing full accounts is called Total Exemption Full.
A medium or small sized company that is filing abbreviated accounts with Companies House - Total Exemption Small.
A company that is not currently trading and does not currently have trading accounts is called Dormant.
Within nine month and one day of the date your company is formed, is usually the due date for corporation tax.
If your company has profits of up to £300,000 it is usually 19% for corporation tax.
See below for 7 ways to get paid faster on your accounts receivable.1. Collect electronic payments. 2. Lower the Payment Terms. 3. Keep your work relationship healthy. 4. Allow different payment methods, e.g. cash, electronic, cheque. 5. Hire an accountancy company. 7. As a last resort hire someone to collect the money.
Many companies will not need to have their annual accounts audited. If you are a smaller company, you will only have to audit your company accounts at the shareholders request or if their articles of association dictate that they must.
With the exception of NHS charities, your charity will only need to be audited if it has a gross income of £25,000 or more per financial year.
If your charities gross income is less than this you will not need to have them audited, unless the charities governing document makes it a requirement.
It is possible to apply for an audit exemption.
If you are a small company, you may not have to get an audit of your accounts, unless your companies articles of association state that you do, or your shareholders ask for one.
If your company has a turnover of less than £6.5 million a year, or has assets of less than £3.26 million then it can apply for total exemption, as per the 2006 regulation laid out by Companies House.
It is still possible to send your company accounts to Companies House on paper.
It must also contain the company name and number, which should appear on one of the pieces of paper, for example the balance sheet or directors report.
A Micro-entity is a very small company. For you company to qualify as a micro-entity it must fulfill 2 of the following criteria.
Whether your business is a Limited Company or a Public Limited Company you will have to file a set of company accounts with Companies House each year, these are then made available to the public.