Preparation & Filing Of Statutory Accounts
Your statutory accounts are produced annually and show the financial records of your company for that financial year.
These accounts show the expenditure and revenue of your company, any profits and losses.
You must send copies of these to HMRC, Companies House, all Shareholders, any directors and anyone who is welcome at your companies general meetings.
If your company is considered small, which means it has a turnover of less than £6.5 million per annum, you are able to send an abbreviated version of your accounts to Companies House.
Although you will still have to provide the full version for your shareholders and HMRC.
Yes. Accounts can still be filed in paper at Companies House.
However, it is highly recommended that you get them to Companies House before the deadline, because if they are rejected you will not have time to redo them and will incur a late submission fine.
A micro entity is considered to be a very small business. To be eligible to be classed a micro entity you must fill two fo the following criteria.
In the event your company is a micro-entity you are able to:
For you to be eligible to register as a small business you must meet two of the following criteria:
As a small business you do not need to file a full Statutory Account with Companies House. This means you only send a simpler balance sheet, with any notes to Companies House, this is call Abridged Accounts.
There are some benefits to this, for example there will be less information about your company in the public domain.
If your company is considered a small company you can:
The HMRC Deadline for filing Statutory accounts is 21 months after registering your business with Companies House and 9 Months after the end of each financial year for your company.
No. Our services to you are worked out on a fixed fee.
Charges for our services will be made clear to you before you decide to engage us to manage your books.
Why not contact our team now for a free quote from our accountancy team?
No. However, all business in the UK are legally obliged to register for VAT if your turnover is higher than the annual registration threshold.
In some cases, it can also be advisable to register for VAT as this yield other benefits for your business, we are happy to discuss what those may be with you.
If your business has any employees at all you should enrol in the PAYE system.
Even if you are the only employee and act as both director and employee it's important that you have contacted HMRC and registered with the PAYE scheme and continue to make all RTI submissions.
Even if you only outsource your work, and so use sub-contractors, as you pay yourself you must be registered with this scheme.
Bookkeeping put simply is keeping accurate financial records for a business.
The most notable difference between bookkeepers and accountants is that accountants are expected to analyse and interpret the data and provide ways in which you can save money, bookkeeping does not do this.
Accountants and bookkeepers do very different jobs in the businesses they work with.
Bookkeepers keep their client’s general ledgers up to date, which may include daily data compilation, ensuring accuracy in the accounts, ensuring the accounts are easy to understand and accessible by categorising it appropriately, and generating general financial statements.
Whereas accountants analyse the data, look for ways to save money in taxation, and prepare tax returns.
If you choose to hire a bookkeeper in house you will also have to become their employer, and this may not suit you as it will create more work.
As an employer you will have to pay their National Insurance and Taxes to HMRC. You will have to provide holiday and parental cover and produce their payslips.
If you choose to outsource to us then all this extra work will be taken away and placed with us, and our dedicated team will be able to take care of your accounts and work to ensure no errors are made.