Company Statutory Accounts | Company Tax

Company's Statutory Accounts

A director of a limited company or a designated member of a Limited Liability Partnership (LLP), has many responsibilities for ensuring the success of their business. It is their responsibility to ensure that the company produces annual accounts, which are approved by the board of directors. The report and accounts must be prepared at a general meeting of the company's shareholders and minutes of board meetings must be taken.The director or a designated member can run the risk of serious penalties if they don't ensure that the key information is sent to Companies House by the due dates.

All limited companies and LLP have a duty to keep accounting records and to prepare annual accounts. The Companies Act and other regulations specify the format in which the annual accounts must be prepared, the information that needs to be disclosed and the rules affecting the valuation and treatment of the transactions and balances appearing in the accounts.

Generally, accounts must include:

• A profit and loss account (or income and expenditure account if the company is not trading for profit);
• A balance sheet signed by a director;
• An auditors' report signed by the auditor (if appropriate);
• A directors' report signed by a director or the secretary of the company;
• Notes to the accounts; and
• Group accounts (if appropriate).

Company Tax

If your company is liable to pay corporation tax on its profits, it is your legal responsibility to ensure that you,

• Tell HM Revenue & Customs (HMRC) that your company exists and that it is liable for tax.
• File a self-assessment Company Tax Return for your company, on which you calculate your own corporation tax liability and pay it without prior assessment by HMRC.
• Keep records of all company expenditure and income in order to work out your tax liability accurately.

If you don't let HMRC know that you are liable for corporation tax, file your Company Tax Return incorrectly or pay your corporation tax late, you may incur a financial penalty. To avoid penalties and interest charges you should know your:

• Statutory filing date - the date by which your company tax return must be received by HMRC, &
• Normal due date - the date by which you must pay your corporation tax.

At The Financial Partnership LLP, we promise to make your life simpler by allowing you to concentrate your time, on what you already are good at 'Doing Business'.

Our specialist team will ensure that all your legal responsibilities as well as your financial liabilities and obligations are adhered to as and when they fall due. We truly believe, this is a long-term partnership, between you and us.

We have different packages that suit the size of your business, please contact us and speak to our friendly team, who are waiting to assist you further.

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