If you operate through a limited company or limited liability partnership (LLP) you are responsible for delivering company accounts and if relevant, a corporation tax return to HMRC and companies house within a certain timeframe.
Failure to do so can lead to penalties and late payment interest so we highly recommend working with an accountant to assist you.
With pages of tax legislation and a mountain of accounting standards to navigate, this is where we step in to handle all of those quirky adjustments and tax reliefs to present you with a nice and shiny PDF document and explain everything in layman’s terms so you know exactly what the company accounts mean before we submit to HMRC and companies house.
We’ll work with your existing bookkeeper (or manage the whole process if we do your bookkeeping) and produce the company accounts in the appropriate disclosure requirements along with notes.
Get in touch with one of our chartered accountants today and find out how we can help you!
The deadline for submitting company accounts is 9 months after your company’s financial year end. The payment for corporation tax is due 9 months and 1 day after your company’s financial year end.
Generally, anything that is wholly and exclusively in running the business is deductible. However, there a certain rules and reliefs for certain expenses so we always recommend working with an accountant to not only ensure everything is correct, but maximizing the reliefs available.
The current rate of corporation tax is 19%, and is payable on taxable profits.Corporation tax has increased to 25% in 2023 in line with Budget announcements, for businesses with taxable profits above £250,000. Businesses between £50,000 – £249,999 will have a corporation tax rate between 19% and 25%.
A limited company is a separate entity for legal purposes. Individuals are often shareholders (subscribers of shares in the limited company) and/or directors who run the limited company on behalf of its shareholders.
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if:
- they show a transaction that covers more than one of the company’s accounting periods
- the company has bought something that it expects to last more than 6 years, like equipment or machinery
- you sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return
Why choose us for your Company Accounts Service:
- Responsive – We have internal KPIs for delivering our services and responding to clients, no one wants a tax bill on the day it’s due. We’ll give you plenty of notice and always respond to queries in a timely manner.
- Experienced – As chartered accountants & chartered tax advisors, we’ve been there and got the t-shirt so there isn’t much we don’t know about accounting and if we don’t, we know where to find out!
- Cost Effective – Appointing an accountancy firm is an investment, not a cost. Our purpose is to ensure we save you money and provide you with a valuable service to help your business start, grow and succeed.
- Proactive – For our self-assessment and company accounts services, we have a pre-tax review as standard to ensure you are claiming all the available reliefs and allowances to operate tax efficiently, topped off with a personal tax forecast so you know where you stand way ahead of time.
- Personable – We never talk to you in technical language, that’s for us to do around the office water cooler. We keep it simple and straight forward so we are always approachable for any questions.
- Single point of contact – Whether you have one service or multiple services with us, you will always have a single point of communication with a Client Manager so you’ll not passed from department to department to get an answer.