Year-end accounts

Year end accounts for active UK companies.

Following the anniversary of the UK company, as dictated by your accounting reference date (ARD), it is a requirement to prepare year end accounts for submission to Companies House – the public records office, and a Corporation Tax return for submission to HMRC.

You will normally only have to file one UK Company tax return every year, unless your annual accounts span a period of more than 12 months. Where this occurs you will be required to file two tax returns. The first return would cover the 12-month period and a second return for the remaining period of time.

The year end accounts (often referred to as annual accounts or financial statements) for submission to Companies House must be in the approved format.

Once finalised by us and approved by our clients, we complete the process by submitting these reports to both government departments online, as well as our clients for their records.

Our clients also use these year end reports for their group reporting for their parent company where a UK subsidiary has been established.

We act for some clients at the financial year-end and complete these associated year-end reporting requirements on their behalf. These are completed from clients own internally generated financial records where we do not manage the monthly, or quarterly bookkeeping and accounts.

We provide support either on an hourly rate, or fixed price depending on volume of transactions and other such variables, for the preparation of annual accounts, Corporation Tax return and submission of the accounts to Companies House and the return to HMRC. For further information regarding this support, please get in touch.

Dormant year end accounts for UK companies and tax returns.

If a limited company has been dormant from the date of incorporation, or from one accounting period to the next, no tax return is required.

However, if a company has been active for some of its accounting period, it must file a tax return to cover that period of activity.

HMRC must be informed if your UK company is dormant; HMRC will then not request a tax return for your company.

Get in touch for support with your year-end reports.

Time needed: 4 days

Year-end refers to the end of your company’s accounting period. It is also known as an accounting reference date for limited companies. This is when you close your accounting period for the financial year and file the statutory year-end accounts with HMRC and Companies House.

  1. Prepare for your accounts throughout the year

    Do not leave it until the last minute to collate all the information required for your year end accounts. Prepare for it throughout the year. We suggest starting to work on your year end accounts a month before it is due so you can chase invoices and payments

  2. Gather relevant paperwork

    The paperwork you need to ensure you have is income records, bank statements, statements of account from suppliers, invoices and receipts.

  3. Chase late payments

    You should chase any unpaid invoices before the reporting deadline and bank any payments you receive to ensure your accounts are as accurate as they can be.

  4. Sort any expenses

    Expenses will reduce your company’s profits meaning you will pay less corporation tax, so keep track of anything you spend.

  5. Double check your records

    Make sure that your records match your supporting documents. Also make sure that sales made but not yet paid for are listed as outstanding debts owed, rather than as revenue.

  6. Update staff records

    Make sure your staff records are up-to-date especially when it comes to payroll, benefits and expenses. You don’t want to have any mistakes relating to tax or National Insurance.

  7. Hire an accountant

    The easiest way to achieve year end reporting is to hire a good accountant who can get to know your business in depth. We offer this service of course. Year-end accounts

  8. Be mindful of meeting the deadline for submitting your year end accounts

    Send your first accounts to Companies House. The deadline could be different if you have changed the accounting period with Companies House. You can check this on the Companies House website here

    File subsequent annual accounts with Companies House – 9 months after the end of your company’s financial year

    File your Company Tax Return with HMRC.

    Pay corporation tax to HMRC (or tell them that the company doesn’t owe any) – 9 months and 1 day after the end of your accounting period