Services - Statutory Accounts
Find an Accountant for Statutory Accounts
It’s easy to think of statutory accounts as just another bit of admin, but actually they can help you understand your business performance over the last year. Your statutory accounts detail your income, expenditure, taxes and profit, and this can help you to identify problem areas or areas for growth.
However, filing your statutory accounts is a legal requirement, so it pays to find a small business accountant to help you complete them efficiently and effectively. All limited companies registered in the UK must submit their financial accounts every year by their accounting reference date (ARD), which falls 9 months after the end date of the 12-month financial year for the company.
HMRC will use the annual accounts to determine corporation tax liabilities, and the accounts will go on your company file at Companies House, open to the public to view. As such, it’s important they are completed correctly.
What are statutory accounts?
Also referred to as the annual accounts or the year-end accounts, statutory accounts are a series of accounting documentation submitted to HMRC. It includes a balance sheet, profit and loss ledger, cash flow statements, notes, and a director’s report.
Limited company accounting and taxation requirements are particularly complex, as they must strictly adhere to the Financial Reporting Council’s (FRC) accounting standards and practices. You may be able to send a simpler statement of accounts to Companies House, and not need an audit, if your company qualifies as a small company or “micro-entity”. An accountant for small business is best placed to advise on the format of your accounts.
Many companies are only required to submit an abbreviated set of accounts to Companies House; using a small business accountant will ensure that you only provide information you are required to provide. Many companies have made the mistake of providing too much information unnecessarily, which provides their competitors with invaluable information on their business activities.
The danger of doing it yourself
There are plenty of horror stories about business owners completing their own accounts to save money, but then being charged penalties and interest by HMRC for underpaying tax. Or, they may not claim all the expenses and allowances the business was entitled to claim and end up overpaying tax.
Irrespective of your corporate structure, using an accountant to prepare your annual accounts will help you save time dealing with the nitty gritty of accounts and let you focus solely on growing your business.
Find a small business accountant
Working with PROfiltr to find a small business accountant can help you to:
Gain peace of mind that your company is fulfilling all its obligations
Remove the distraction of dealing with complex administration
Focus on growing your business
Ensure that you are compliant with your tax obligations
Restore your work/life balance by reducing the administrative workload of running your company
What can a small business accountant help with?
4. Filing the personal tax returns of the company’s directors
5. Filing the annual confirmation statement
A small business accountant does more than your tax return; the best become your business partner as you grow. What else can your accountant support you with?