Every company must prepare accounts and corporation tax returns. But who do you prepare those accounts for?
Firstly for the shareholders of the company. The owners need to know what the profit loss has been and what assets the company has. Set Free HMRC how will they know what technique to pay their hands to accept accounts? Also, companies house the government body that looks after all companies, and the count going to come to this house is publicly available for anyone to download and examine.
Well, the statutory accounts include a balance sheet effectively stating the assets and liabilities of the company. There are a profit and loss account to show the sales the expenses Serenity down to a profit or a loss a director’s report, a short statement by the directors are how the business is going and then an Auditor’s report when independent of the certify that those accounts are broadly correct. Now you may hear bridged accounts. These are abridged accounts with only healthy balance sheet profit loss of directors report. You don’t need an audit and have to do this. You need to fulfill the following three criteria: your sales must be less than ten points, ten-Pointon pounds in the air. You must have less than five-point five-point pounds of assets and less than 50 staff, and that’s a cut down on the admin what you need to file. If you are a smaller business, you can f Entity accounts to do this again. There are three criteria to hit the cells that need to be less than six hundred thirty-two thousand pounds, that’s less than three to sixteen thousand pounds or less than ten staff.
In this instance, the balance sheet is abbreviated even more so, and with both The Abridged accounts and my currency accounts, you only follow the balance sheet to the company’s house. Are you the general public who can only download your balance sheet accounts? Are your sales for the year expenses for the year? So as well as the admin side, there are some privacy benefits of filing a smaller campus. When your first year of trading for a year and then your deadline will be 21 months after your date of incorporation. After that, each year-end passing year, assess you get nine months out of the year and file your accounts with the company’s house later. For example, let’s say you incorporate your business on the first of January 2018 you trade for a year, then actually your year-end will be the year-end of 31st January 2019.
The default is a complete house that always gives you the last day of the month. But the deadline to file will be on the 1st of October 2019 is 21 months after the date is set the company up the following year, or next year-end will be on the year-end January 2010. You do get the nine months to 31st October 2010 to file those accounts and the tax return, which will carry on for every year after that.
What happens if you’re late? Well, there are fines you find a hundred fifty pounds by coming out. If you’re late and broadly a slight decrease every three months after that and that finder, 500 pounds if you are more than six months late, so my opposite vices get them in on time to extend the earlier, the better. You don’t have to wait until nine months after the year ends. If you do them early, follow them, and they turn to the text. You know, what tax you’ve got to pay. You simply pay it when I’m up year-end, but you know what it is, and if need be, you’ve got time to save for it.