For new businesses the end of financial year can be very stressful, which is why it’s important to have the right accountant handle all your paperwork. At Oxford Professionals, we have highly qualified professional accountants to take away your stress and help you manage all your paper work so your business continues to run smoothly.
Whether a businesses is big or small, it requires Statutory Reporting, which is the mandatory submission of financial and non-financial information to a government agency. At the end of a financial year, your company must prepare these documents:
- Companies House Financial Statements
- HMRC personal, partnership and company tax returns
Your company financial statement should include the following documents,
- A balance sheet – this will show the value of everything the company owns, owes and is owed on the last day of the financial year
- Profit and loss account – this will show the company’s sales, running costs and the profit or loss it has made over the financial year
- Notes about the accounts
- A director’s report
For your company tax return, you need to work out your profit or loss for Corporation Tax, this is different from the profit or loss shown in your annual accounts and your Corporation Tax bill.
Both your accounts and tax return must be filed in before the deadline date. If you are filing for the first year of your companies accounts then your deadline date is 21 months after you register your company. You will need to file your Company Tax Return 12 months after your accounting period for Corporation Tax ends.
It is important to file every document before the deadline, as there is a penalty for late filing. For your accounts, the penalty starts at £150 and will rise up to £1,500 over a certain number of months. The penalty is doubled if accounts are late 2 years in a row. For your Company Tax Return, the penalty starts at £100, after 6 months HM Revenue and Customs will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax and after 12 months, another 10% of any unpaid tax will be added.
With many years of experience in dealing with new and existing clients, our accountants ensure our services are up to high standards so they exceed our client’s expectations.