This article provides a year end checklist for accounting for limited companies:
What is a company year end?
A company ‘year end’ is the date your company’s accounting period ends. It’s also the date the clock starts ticking for a limited company to send certain documents to HMRC and Companies House.
Please note that this is just an overview of what’s required for your year-end accounts. When filing your limited company accounts, a good accountant can help you understand what you need, or you can plough through the detailed guidelines on the gov.uk website.
What needs to be filed with HMRC: Year end accounting for limited companies
Company Tax Return – Your Company Tax Return (CT600) contains details of your company’s income, less any tax allowances and expenses. The remaining amount – your profit – will then be used to calculate how much Corporation Tax your company must pay.
Annual Accounts or Statutory Accounts – The Annual Accounts you need to submit to HMRC are made up of the following:
Income Statement – This document shows the profit (or loss) you made for the accounting period.
Statement of Financial Position – A snapshot at your company’s accounting period end date showing the cumulative value of a business based on its assets, liabilities, capital, and reserves.
Footnotes – Information about the transactions between your company and its directors (such as loans, advances and guarantees).
What needs to be filed with Companies House
If you prepare your annual accounts using the financial reporting standard for micro-entities (FRS 105) then you need to submit two documents from your Annual Accounts to Companies House: the Statement of Financial Position and the Footnotes. The documents you submit will be published by Companies House on its website and can be viewed by anyone.
What should I do to get ready for my Company Year End?
Before you can prepare your Company Tax Return and Annual Accounts, there are a few bits of housekeeping you need to take care of:
- Get your expenses in order
- Collect all your paperwork
- Know the deadlines
- VAT returns
- Confirmation Statement
Need some help?
This checklist is purely advisory and we’d always recommend speaking to an accountant for more in-depth information. If you don’t have an accountant or are looking to switch, give our friendly team a call on 020 3997 1900 or arrange a free consultation.
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