Unless you are filing your company’s first accounts the time normally allowed for delivering accounts is:
To Companies House - 9 months from the accounting reference date for the Limited company
To HM Revenue and Customs- 12 months from the accounting reference date for the Limited Company
Please note that the Corporation Tax payment must be made to HM Revenue & Customs nine months and one day after the accounting reference date.
The preparation of accounts is important for a business for many reasons:
It can assist in obtaining finance for the business and may be a condition of existing finance the company receives.
Some suppliers will request copies of your accounts as part of their check before allowing your company a Credit account.
Company owner’s may be required to provide accounts to their financial advisor in order to obtain a personal mortgage.
Accounts can highlight the areas that a company may need to make changes to improve profitability.
Financial statements must be prepare annually for your business these accounts will include the following:
A balance sheet showing the value of everything the companies owns and is owed at year end of the company
A profit and loss accounts , detailing the company’s sales, expenditure and profit or loss for the financial year.
Notes about the accounts
A directors report