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UK Company Accounts and Tax Returns

Updated:2018-7-2 11:00:48    Source:www.tannet-group.comViews:195

UK company accounts and tax returns filing (namely, full annual accounts and company tax return)  must be prepared after the end of the company’s financial year. The corporate accounts and tax return need to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC). The accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.

Preparing Annual Accounts
Your company’s annual accounts, “statutory accounts”, are prepared from the company’s financial records at the end of your company’s financial year. You must always send copies of the statutory accounts to:

(1) all shareholders;
(2) people who can go to the company’s general meetings;
(3) Companies House;
(4) HM Revenue and Customs (HMRC) as part of your Company Tax Return.

Statutory accounts must include:
(1) a “balance sheet”, which shows the value of everything the company owns, owes and is owed on the last day of the financial year;
(2) a “profit and loss account”, which shows the company’s sales, running costs and the profit or loss it has made over the financial year;
(3) notes about the accounts;
(4) a director’s report (unless you’re a “micro-entity”).

An auditor’s report may also be required depending on the size of your company. The balance sheet must have the name of a director printed on it and must be signed by a director.

Filing Company Tax Returns
Your company or association must file a Company Tax Return if you get a “notice to deliver a Company Tax Return” from HM Revenue and Customs (HMRC). You must still send a return if you make a loss or have no Corporation Tax to pay. You don’t send a Company Tax Return if you’re self-employed as a sole trader or in a partnership - but you must send a Self Assessment return.

When you file your tax return, you work out your:
(1) profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts);
(2) Corporation Tax bill.

The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.

Penalties for Late Filing
You’ll have to pay penalties if you don’t file your accounts with Companies House by the deadline. You can be fined and your company struck off the register if you don’t send Companies House your accounts or confirmation statement. The penalty is doubled if your accounts are late 2 years in a row. Detailed amount of penalty are shown in the table below:

Contact Us
If you have further enquire, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020,Dongmen Rd South, Luohu , Shenzhen, China.

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