Learn how and when to file your annual accounts with Companies House in this article. Company accounts are essential documents that show how a company has performed over a financial year, regardless of its success or activity level. From profit and loss accounts to balance sheets, find out what you need to include in your filings. Discover the deadlines for filing, whether your company qualifies as small, micro-entity, or dormant, and the steps for filing accounts online. Stay ahead of the game by understanding your company’s deadlines and preparing your accounts in advance to avoid any last-minute stress.
What accounts you need to file
So, what exactly do you need to include in your annual accounts? A set of accounts will typically consist of a profit and loss account, a balance sheet, notes, and a director’s report. The profit and loss account shows the company’s sales, running costs, and the profit or loss it has made over the last year. The balance sheet shows the value of everything the company owns, owes, and is owed. The notes provide supporting information, and the director’s report gives insights into the company’s financial health, performance, capacity for growth, and compliance with financial regulations.
Small companies
If your company is classified as “small,” you can choose to file abridged accounts, which are a simplified version of your accounts and do not need a director’s report or a profit and loss account. Your company is considered “small” if it meets any 2 of the following criteria: turnover less than £10.2 million, balance sheet less than £5.1 million, or fewer than 50 employees.
Micro-entities
Companies with even smaller turnovers are classified as micro-entities. You can file micro-entity accounts if your company meets any 2 of the following criteria: turnover not exceeding £632,000, balance sheet not exceeding £316,000, or no more than 10 employees.
Dormant companies
Even if your company is dormant, you still need to file annual accounts with Companies House. However, there are different requirements for Corporation Tax and Company Tax Returns with HMRC. Your company is considered “dormant” if it has had no significant transactions in the financial year. Significant transactions do not include expenses for items such as filing fees paid to Companies House or penalties for late filing of accounts.
When you need to file your accounts
Every company will have an accounting reference date, which determines the deadline for filing your accounts. The deadline is usually 9 months from the accounting reference date. For new companies, the accounting reference date is the anniversary of the last day in the month the company was incorporated. For existing companies, it’s the anniversary of the day after the previous financial year ended. You can use the Find and update company information service to find your company’s due date. You can also register with companies house for email reminders to stay on top of your deadlines.
How to file your accounts
The quickest and easiest way to file your accounts is online. Once you’ve determined the type of accounts you need to file, you can register for online filing, provide an email address, choose a password, and have the company’s authentication code ready. The online service has built-in checks to ensure all necessary information is entered correctly. You’ll receive email notifications when your accounts are received and processed.
Who can file your accounts
If you’re confident in filing your accounts, you can do it yourself online. Alternatively, you can use software products or enlist the help of an accountant, such as an Alexander Ene, to file on your behalf. Regardless of who files your accounts, it’s ultimately the responsibility of the directors to ensure they are filed accurately and on time.
In conclusion, filing your annual accounts with Companies House doesn’t have to be daunting. By understanding the process, deadlines, and requirements, you can ensure a smooth and timely submission of your accounts. If you need professional help, reach out to Alexander Ene. For a small fee, our experienced and fully qualified accountants will be happy to help you file your accounts correctly and on time!
