In the UK, companies are required to prepare and file annual accounts with Companies House. The requirements for the annual accounts depend on the size of the company.
For small companies, they must prepare and file:
- balance sheet
- profit and loss account or income statement
- notes to the accounts
- director’s report (if applicable)
- For medium-sized companies, they must prepare and file all of the above, plus:
- cash flow statement
For large companies, they must prepare and file all of the above, plus:
- auditor’s report.
It’s worth noting that companies must also comply with the Companies Act 2006, which sets out the legal requirements for the content and format of their accounts.
If your accounts are not ready on time, you risk filing your tax return late and incurring a penalty.
Taxlab will take care of the complexities involved in preparing your accounts and filing these with the Companies House. We will deal with the HMRC on your behalf.
What Makes a Good Annual report and Accounts?
Key deadlines for limited companies
| Action | Deadline |
| File first accounts with Companies House | 21 months after the date you registered with Companies House |
| File annual accounts with Companies House | 9 months after your company’s financial year ends |
| Pay Corporation Tax or tell HMRC that your limited company does not owe any | 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends |
| File a Company Tax Return | 12 months after your accounting period for Corporation Tax ends |
In the United Kingdom, it is mandatory for company accounts to adhere to UK Generally Accepted Accounting Principles (UK GAAP). UK GAAP represents a set of accounting standards and practices that govern the preparation and presentation of financial statements for companies operating in the UK. These standards ensure consistency, comparability, and transparency in financial reporting, enabling stakeholders to make informed decisions based on accurate and reliable information.
By following UK GAAP, companies in the UK comply with legal and regulatory requirements, maintain financial integrity, and provide a solid foundation for assessing their financial performance and position. It is important for businesses to stay updated on any changes or updates to UK GAAP to ensure continued compliance with accounting standards.
We will keep you informed with any legislative changes.