YEAR END ACCOUNTS - LIMITED COMPANIES
If you would like to do your own bookkeeping, you will need to produce a set of accounts at the end of each financial year in order to complete your Corporation Tax return (CT return). Your accounts are due at Companies House within 9 months from the end of your financial year. Your CT return is due at Inland Revenue within 12 months from the end of your financial year, HOWEVER, your corporation tax must be paid to Inland Revenue by the due date of 9 months from the end of your financial year.
Failure to submit your accounts or your CT return before the deadlines will incur penalties for late submission. Failure to pay your corporation tax on time will incur interest charges for every day that the payment is late.
If you bring us your bookkeeping records in good time, we can prepare your year end accounts and complete your CT return for you. We have dedicated Tax Return software to enable us to submit your CT return online. We are therefore able to provide you with emailed copies of all accounts and tax returns, and proof of submission to Inland Revenue and Companies House.
It is essential that you keep proper accounting records during the year to enable us to prepare your accounts. Waiting until the end of your financial year not only means you have no idea how your company is doing, but you will be in trouble with Inland Revenue should they select you for a compliance review.
Inland Revenue at any given time will expect to see:
If records are not being kept to their satisfaction they may charge a compliance penalty ranging from £60 to £3,000. Please see our section on bookkeeping to give you some ideas on how we can help you maintain accurate and compliant records.
Please give us a call for your FREE no obligation initial consultation (up to 1 hour). We look forward to hearing from you.
If you would like to do your own bookkeeping, you will need to produce a set of accounts at the end of each financial year in order to complete your Corporation Tax return (CT return). Your accounts are due at Companies House within 9 months from the end of your financial year. Your CT return is due at Inland Revenue within 12 months from the end of your financial year, HOWEVER, your corporation tax must be paid to Inland Revenue by the due date of 9 months from the end of your financial year.
Failure to submit your accounts or your CT return before the deadlines will incur penalties for late submission. Failure to pay your corporation tax on time will incur interest charges for every day that the payment is late.
If you bring us your bookkeeping records in good time, we can prepare your year end accounts and complete your CT return for you. We have dedicated Tax Return software to enable us to submit your CT return online. We are therefore able to provide you with emailed copies of all accounts and tax returns, and proof of submission to Inland Revenue and Companies House.
It is essential that you keep proper accounting records during the year to enable us to prepare your accounts. Waiting until the end of your financial year not only means you have no idea how your company is doing, but you will be in trouble with Inland Revenue should they select you for a compliance review.
Inland Revenue at any given time will expect to see:
- Records of all receipts and expenses
- Records of what your receipts and expenses relate to, i.e. how they were incurred in the course of your normal business activities
- Records of all transactions relating to dealing in goods
- PAYE records
- VAT records
If records are not being kept to their satisfaction they may charge a compliance penalty ranging from £60 to £3,000. Please see our section on bookkeeping to give you some ideas on how we can help you maintain accurate and compliant records.
Please give us a call for your FREE no obligation initial consultation (up to 1 hour). We look forward to hearing from you.