Checklist for Year End Limited Company Accounts

*Please note that the below information applies to annual accounts for micro entities using financial reporting standard (FRS) 105. A limited company qualifies for FRS 105 where it doesn't exceed two or more of the following criteria in a financial year; 

  • Turnover of over £632,000. 
  • Balance sheet total of £316,000.
  • No more than 10 employees.

For further information and advice you can contact me at will@matrix-accounts.com

 

What needs to be filed with HMRC and Companies House?

  • Confirmation Statement - this confirms your details with Companies House are up to date and is required no later than 12 months and 14 days from the date the company incorporated or from the date of the last confirmation statement. Changes that must be made before sending the confirmation statement (where applicable) are as follows - directors and secretary, people with significant control (PSC), company’s registered office address. Changes that can be made whilst filing the confirmation statement (where applicable) are as follows - standard industrial classification (SIC) code, statement of capital, trading status of shares, exemption from keeping a PSC register, shareholder information. 

 

  • Annual (Statutory) Accounts - includes the income statement showing the profit or loss for the accounting period, the statement of financial position showing the cumulative value of the business made up of assets, liabilities, capital and reserves, footnotes including information about any transactions between the company and its director(s). Filing with Companies House is required no later than 9 months after the end of the accounting period. 

 

  • Corporation Tax Return (CT600) - details income with adjustments for any allowable expenses to calculate the taxable profit and corporation tax due. The filing deadline is 12 months after the end of the accounting period with a payment deadline of 9 months and 1 day after the end of the accounting period. 

 

What information do I need to provide to my Accountant?

  • Sales Invoices - for the financial year, details of sales invoices paid and sales invoices outstanding. 

 

  • Business Expenses - only expenses incurred "wholly and exclusively for the purpose of the business" can be claimed, however a proportion of expenses can be claimed where the usage is a mix of business and personal - for example a bill for a phone used for personal as well as business calls. Example business expenses include but are not limited to; advertising and marketing, business insurance, bank fees, details of any business loans and charges, IT software, stationary, business mileage, parking or public transport expenses for client meetings, professional subscriptions and gifts of up to £50 per client. 

 

  • Purchase of any equipment for the business - such as a laptop or office furniture.

 

 

  • Payroll information - including net salary payments, income tax paid, national insurance paid, student loan payments as well as any pension contributions. 

 

  • VAT Returns 

 

  • Business Bank Statements or reconciled Xero or QuickBooks account. 

 

If there is anything you are unsure of, keep a copy of the receipt and speak to your Accountant. 

 

For further information and advice you can contact me at will@matrix-accounts.com

Limited Company packages start from £35 per month and includes completion of submission of confirmation statement, limited company statutory accounts, corporation tax return as well as ongoing advice and support with monthly zoom meetings or phone calls. 

For more information visit - www.matrix-accounts.com/pricing

 


«   »