Annual Accounts

Annual Accounts in London:

Annual accounts in London is a detailed report on an organization’s activities by which a company communicates information about the company’s financial performance and activities throughout the preceding year to shareholders, Companies House, and other interested people.

In UK submission of annual accounts are the statutory requirement for the businesses, these must be submitted annually to companies house:

For 2nd year online accounts in Uk and onwards:

within 9 months after your company’s financial year ends

For first accounts with Companies House:

within 21 months after the date, you registered with Companies HousePublic listed companies required to submit reports at more frequent intervals (as per the rules of the stock exchange involved).

Companies House also imposed the following penalties if a company fails to submit accounts within the deadline:
Time after the deadline Penalty (for private limited companies)
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1,500

Content of annual accounts reports:
Summary of company information:

• Directors of the company
• Company registration number
• Registered office address
• Accountant’s detail

Director’s report:

The report summarizes the principal activity of the business and information about directors and contains approval of signatory director.

Accountants report

The report explains the responsibility of the accountants, limitation of accountants responsibility, address of the accountants and information about technical guidance used to prepare the report e.g. ICAEW, ACCA.

Profit and loss account / Income statement in UK

Profit and loss account express the revenue earned for the reported period, and the expenses incurred against these revenues, including direct cost, administrative expenses, taxes, write-offs (e.g., depreciation/amortization of various assets, bad debts) and other incomes or losses (e.g. interest, exchange gain/loss). Through this snapshot managers and investors can get information about whether the company made or lost money during the reported period.

Statement of financial position

Statement of financial position or balance sheet is a summary of the financial balances of an entity, the statement often described as a “snapshot of a company’s financial condition. A standard company statement of financial position has three parts: assets, liabilities, and equity. Assets, liabilities, and ownership equity are listed as of a specific date e.g. at end of its financial year or any desired intervals as part of management accounts.

Notes to the accounts:

Notes to the accounts are the narrative description about the numerical figures of the financial statements. This is the additional information added at the end of financial to provide the more broad assessment of a company’s financial position.

Our Annual Accounts Services in London

We recommend you our professionals to produce your business’s accounts; it’s obvious that an accurate and comprehensive set of accounts can build your confidence that you are paying the right amount of tax to HMRC. In addition, you will feel the endless level of comfort while talking business decisions on the basis of reports being prepared.

We regularly hear stories from frustrated business owners regarding their financial reporting part, who have attempted to prepare their accounts themselves to save money; instead, they penalized (e.g. penalties and interest charged by HMRC) or failed to claim for all the allowable expenses due to lack of knowledge, resulting in cost them much more.

Our Annual Accounts Services in UK

• Preparation of annual accounts in London with applicable International Accounting Standard
• Sending reminders before deadlines so you get enough time to gather required information
• Advising on estimated corporation tax liability on quarterly basis
• Advising on minimum wages and dividends on quarterly basis, so you can enjoy maximum benefit without paying additional tax
• Reconciliation of bank accounts and completion of the missing entries in relation to bank transactions.
• Applying right method of depreciation or amortization and providing valuations in relation to the class of transaction or account balances
• Investigating major difference in comparatives (in any)
• Using brought forward losses in best tax efficient manner
• Recording of bad debts and accruals
• Submission of accounts to Companies House
• Corporation tax calculation and submission to HMRC.

 

WeAccountax

will provide you prepared reports before 1 months of reaching the deadline, so you have enough time to review and approve the prepared accounts to avoid late filing penalties.

How much does all this cost?

We provide a full set of accounts along with a range of additional valuable services in price which is favorable to you business.
We provide competitive fixed fee services starting from £20 per month for Sole Traders, £20 per month for partnership, £50 for Limited Liability Partnership and Limited Companies.
Just put your business details and receive a quotation tailored to your business.