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Full Accounts

Every trading business in the UK, is required to report to HM Revenue & Customs (HMRC) detailing its trading activities within the last accounting year, whether you are a Limited company, Sole Trader or a partnership.

Simple Accounting take care of your year-end accounts preparation means that you can concentrate on running your business while we take care of the time consuming and stressful task of preparing accurate and reliable accounts.

Our accounts preparation team has expertise in the following areas:

Financial statements for companies, sole traders, partnerships, LLPs and Limited Partnerships
Preparing financial statements under FRS102 and FRS105
Preparing financial statements under International Financial Reporting Standards (IFRS)
Reporting for regulated sectors under Statements of Recommended Practice (SORP’s), including those for charities.

Understanding the importance of statuary accounts:

There are usually five main sections;

Balance sheet, snapshot of the company financial position at the end of the Accounting year for example 31 March 2019. It shows the Assets of the company and the liabilities.
Profit and loss account – shows the trading performance over the accounting period. It shows the Sales, expenses and net profit or loss.
Notes – clarifies accounting procedures used by a company
Director’s report – Outlines and summaries the financial state and performance of the company over the last Annual Accounts
Accounting Policy notes and disclosures

With our service, we will help you make your exit in a way that limits disruptions and complications for both you and the business.

Deadlines for filing at Companies House

Filing of company accounts will be given to Companies House as needed by the Companies Act. You have one months after the end of your financial year to send directly to them.

For example:

Company ABC Ltd has a year end of 31 March 2019, the filing deadline would be 31 December 2019.

Each year you must file a Corporation Tax Return and pay Corporation Tax to HMRC. Your Company Tax Return is due 12 months after your accounting period ends

Penalties

You are liable to be huge fines depending on how long you have delayed the filing of accounts.

These are the penalties for filing your annual accounts late with Companies House:

Time after your deadline	Penalty
Up to 1 month	£150
1 to 3 months	£375
3 to 6 months	£750
More than 6 months	£1,500

Here are the penalties for filing your Corporation Tax Return late with HMRC:

Time after your deadline	Penalty
1 day	£100
3 months	Another £100
6 months	10% of your unpaid Corporation Tax
12 months	Another 10% of any unpaid Corporation Tax

Please note that penalties could be doubled if Directors fail to submit accounts late for consecutive years.

What do we offer?

Preparation and approval of Year-end accounts
Provide feedback and advice on how the business can develop and evolve to make crucial business decisions.
Prepare the statutory accounts under the new Financial Reporting regime