Accurate year end accounts and tax returns, filed on time and explained in plain English, for limited companies, sole traders and partnerships. Prepared by Taxlab, a firm of Chartered Certified Accountants in Bathgate, West Lothian, working with businesses across Scotland.
We prepare your accounts to UK accounting standards, file them with Companies House and HMRC, and deal with HMRC on your behalf, so you can concentrate on running your business.
Our year end accounts service
- Statutory accounts for limited companies, prepared under FRS 102 or, for micro-entities, FRS 105
- Filing with Companies House, using the filing exemptions your company is entitled to
- Corporation Tax computations and Company Tax Returns (CT600) filed with HMRC
- Accounts for sole traders and partnerships, which form the basis of your Self Assessment tax return
- A clear explanation of your results, so you understand your profit, your tax bill and what the numbers mean for the year ahead
- Cloud bookkeeping in Xero or FreeAgent, so your records are ready at the year end rather than rebuilt after it
What accounts does a limited company need to prepare?
After the end of its financial year, every private limited company must prepare full statutory accounts and a Company Tax Return. What you then file at Companies House depends on the size of your company. You must still send full statutory accounts to your shareholders and to HMRC with your Company Tax Return.
Micro-entities
Your company is a micro-entity if it meets any two of these: a turnover of £1 million or less, £500,000 or less on its balance sheet, and 10 employees or less. Micro-entities can prepare simpler accounts that meet the statutory minimum, and send only a balance sheet with less information to Companies House.
Small companies
Your company is small if it meets any two of these: a turnover of £15 million or less, £7.5 million or less on its balance sheet, and 50 employees or less. A small company can usually claim exemption from audit, choose whether to send its profit and loss account and directors’ report to Companies House, and, if all its members agree, send abridged accounts.
Dormant companies
A company with no significant transactions in the year is dormant. Dormant companies that qualify as small do not need an audit, but they must still file accounts.
Larger companies have fuller reporting and audit requirements. The GOV.UK guide to preparing and filing Companies House accounts sets out the detail for each size of company.
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 your company owes none | 9 months and 1 day after your accounting period for Corporation Tax ends |
| File a Company Tax Return (CT600) | 12 months after your accounting period for Corporation Tax ends |
Note that Corporation Tax must be paid three months before the Company Tax Return is due. We send reminders well ahead of every deadline.
Late filing penalties
Companies House charges an automatic late filing penalty if your accounts arrive after the deadline, even if no tax is owed:
| Time after the deadline | Penalty for a private limited company |
|---|---|
| Up to 1 month | £150 |
| 1 to 3 months | £375 |
| 3 to 6 months | £750 |
| More than 6 months | £1,500 |
The penalty is doubled if your accounts are late two years in a row, and HMRC charges separate penalties for a late Company Tax Return. Late accounts also usually mean a late tax return, so getting the accounts done early is the simplest way to avoid both.
UK GAAP and FRS 102
Company accounts in the UK are prepared under UK Generally Accepted Accounting Practice (UK GAAP), the accounting standards issued by the Financial Reporting Council, together with the Companies Act 2006. Most small and medium-sized companies use FRS 102, while micro-entities can use the simpler FRS 105.
FRS 102 has been updated for accounting periods beginning on or after 1 January 2026. The main changes bring most significant leases onto the balance sheet and introduce a new model for recognising revenue. If your company leases property, vehicles or equipment, or has longer-term contracts with customers, your accounts may look different this year. We will explain any changes before your accounts are finalised.
Further changes to what small companies file at Companies House are on the way. Read our article on the coming changes to small company accounts.
Sole traders and partnerships
If you are a sole trader or in a partnership, your accounts do not go to Companies House, but they form the basis of your Self Assessment tax return. Accurate accounts make sure you claim every allowable expense and capital allowance and pay the right amount of tax. Sole traders and landlords may also need to follow Making Tax Digital for Income Tax.
Free resource
Want to get more from your annual report? Download our guide: What Makes a Good Annual Report and Accounts? (PDF)
Why choose Taxlab for your year end accounts?
- Chartered Certified Accountants, regulated by ACCA
- Xero Silver Partner and FreeAgent Certified Practitioner
- Fixed fees agreed in advance
- We deal with HMRC and Companies House on your behalf
- Based in Bathgate, West Lothian, working with businesses across Scotland
Starting a new company? See our business start-up services.
Call 0845 862 6009, email hello@taxlab.co.uk or message us on WhatsApp.