What are Annual Accounts?

What are Annual Accounts?

Big or small, it is essential that you provide Companies House and the HMRC with detailed records of your in-goings and outgoings for your business.

By providing them with detailed records – in the form of Annual Accounts – they can more accurately determine what taxes your business owes and ensure that you don’t pay too much.

Is it the same for everyone?

Unfortunately not. The amount of information you need to provide to the HMRC will differ depending on the type of business you have got.

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For instance, if your business is classed as a Limited Company then you will need to submit a CT600 form alongside your annual accounts.

However, if you are classed as a Sole Trader or Partnership, then the accounts you provide the HMRC with will form a major part of your annual Self Assessment – particularly as they will ensure that you are paying the right tax.

What happens if I fail to submit on time?

As with all major forms for the HMRC, fail to submit your Annual Accounts on time and you can expect to receive a hefty fine.

That is why it is essential for you to keep a clear record of all your businesses in-goings and outgoings to ensure you are never late.

By safely storing your invoices and tracking your expenditures; when it comes to creating your Annual Accounts, you’ll be able to find all the information you need, all in one place.

More importantly by implementing a bookkeeping system within your business from the start, you can prevent your business from submitting them late and receiving unwanted and unnecessary fines.

When are Annual Accounts due?

Unlike self assessment forms, the due date for submitting your Annual Accounts will depend on the date that has been set for you by Companies House. Once registered as a business, they will supply you with a login and submission date that you have to adhere to every year.

Thankfully, they usually aim to remind you well in advance of your accounts being due; however if you are ever not sure, you can simply visit their website to find out more.

Concerned about your Annual Accounts? Yorkshire Accounting can take the weight off your shoulders and ensure your accounts are accurately submitted on time, all the time, every year.

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