Company Year End Accounts checklist for Limited companies

The date your company's accounting period ends is referred to as the 'Year End.' It is also the date on which a limited company must send certain documents to HMRC and Companies House.

Our skilled accountants in Bethnal Green will assist you at every stage of your business's development. We'll take care of all of your financial concerns, whether they're accounting, taxes, yearly reports, VAT, payroll, or anything else you might be concerned about. Aside from that, our accountants will provide in-depth guidance on how to lower your tax liability and increase your savings.

Filing deadlines for corporate accounts and tax returns

The government requires your limited company to prepare the following after the end of its fiscal year ('year-end' or 'accounting period'):

You must file your accounts and tax return by the deadlines listed below with Companies House and HM Revenue and Customs (HMRC).

The time period covered by your Company Tax Return is your accounting period for Corporation Tax. It's usually the same 12 months as the fiscal year covered by your annual accounts for your company.

What documents must be submitted to HMRC?

Tax Return for a Corporation

Your company's income, less any tax allowances and expenses, is detailed in your Company Tax Return (CT600). The remainder – your profit – will then be used to determine how much Corporation Tax your company must pay.

Annual Reports (aka Statutory Accounts)

The following are the Annual Accounts that you must submit to HMRC.

Income Statement – This document shows your profit (or loss) for the fiscal period.

Statement of Financial Position – A snapshot of your company's accounting period end date that shows the total value of the company based on its assets, liabilities, capital, and reserves .

Footnotes – Details about your company's and its directors' transactions (such as loans, advances and guarantees).

What information must be filed with Companies House?

If you use the financial reporting standard for micro-entities (FRS 105) to prepare your annual accounts, you must submit two documents to Companies House: the Statement of Financial Position and the Footnotes. Companies House will publish the documents you submit on its website, where anyone can view them.

What should I do to prepare for my company's fiscal year end?

There are a few things you need to do before you can prepare your Company Tax Return and Annual Accounts.

Get your finances in order.

Every pound claimed as a business expense reduces your company's profits, and less profit means less Corporation Tax to pay.

Not sure if you can make a claim? According to HMRC, expenses must be "wholly and exclusively" for business use, so if you purchased something specifically for your business, you can probably claim it as an expense.

If you are unsure about what you can and cannot claim, consult with your accountant.

Compile a list of past-due invoices.

Your company's year end should be as accurate as possible, so contact a debt collector a few weeks ahead of time and follow up on any unpaid invoices. Once the funds are in your company's bank account, you can reconcile your accounts in your accounting software to ensure they are completely accurate.

Gather all of your paperwork.

When you're putting together your company accounts, make sure you have all of the records and receipts you'll need to back them up. Make sure you have records for everything before filing your company year end – this can include getting statements of account from suppliers, copies of bank and credit card statements from financial institutions, and records of any other income you receive. You must keep company records for at least six years after the end of the company accounting period to which they pertain.

What are the due dates?

Your tax return is due 12 months after the end of the accounting period it covers. If you miss the deadline, you will have to pay a penalty. Your Corporation Tax bill has a separate deadline. It is usually 9 months and one day after the end of the fiscal year.

Companies House requires annual accounts to be filed within nine months of the end of the fiscal year (or within 21 months of your registration date if this is your first return).

What else do I need to consider?

Returns on VAT

If your company is VAT registered (either under the Flat Rate Scheme or the Standard Scheme), you will almost certainly have a VAT return due at the same time as your fiscal year ends. VAT returns aren't usually thought of as part of a company's year end, but they usually are.

Statement of Confirmation

You must confirm your company information with Companies House once a year as a director of a limited company. Failure to file a Confirmation Statement may result in directors being fined personally in criminal court, as well as companies being removed from the Companies House register.

Your Confirmation Statement must be filed at least once a year and within 14 days of its due date. The due date is usually a year after your incorporation or the last time you completed a Confirmation Statement. Even if the company is dormant, you must submit a Confirmation Statement.

Another article we've written looks at everything you need to file as a limited company director and when you need to file it.

Planning your finances

The run-up to the end of the fiscal year is an excellent time to consider financial and tax planning. This can help you reduce your tax bill both in the short and long term. Paying money into ISAs, bringing your spouse or partner into your business, and putting some of your income into a pension are all options.

Examine your suppliers

It's a good idea to review your service providers once a year anyway to ensure you're getting good value for money – why not do it at the end of the fiscal year? That way, you can get rid of any overpriced or unnecessary suppliers and start over in the new fiscal year.

In addition, we have an accounting firms directory website where you may post your accounting-related business information.

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