Annual Accounts & Corporation Tax

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All limited companies registered in the UK have a legal obligation to prepare annual accounts (also referred to as financial accounts, statutory accounts, or company accounts) every year. Annual accounts provide a comprehensive report of a company's financial activity over the last financial year.

Annual accounts are made up of financial statements that contain information about a company’s transactions, operating performance, and financial position. Specifically, they should contain:

  • Balance sheet
  • Profit and loss account
  • Supporting notes about the accounts
  • A director’s report
  • An auditor’s report (unless the company is exempt from audit)

Limited companies must deliver their annual accounts, within 9 months of the end of their financial year, to:

  • Companies House
  • HM Revenue & Customs (HMRC) as part of their Company Tax Return
  • Company shareholders or guarantors (‘members’)
  • Every holder of the company’s debentures
  • Anyone who is entitled to attend general meetings

Limited companies are required to submit a company tax return after they receive a Notice to Deliver a Tax Return from HMRC. A Company Tax Return is the financial information companies file with HMRC each year to report on their earnings, losses, loans, and other factors relevant to their tax liability. Companies use this information to calculate the corporation tax that they owe.

No matter the size of your company and the complexity of its financial activity, preparing annual accounts and your company tax return can be a daunting task.

LCP Accounting has years of experience in completing these for companies of all sizes across a myriad of industries.

Get back to what you're best at, running your business, and let us do what we are best at, your annual accounts and company tax return.

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