You will need to submit company accounts to HMRC, when you become a limited company. These will go to Companies House, while the company’s tax return will go to HMRC. Company accounts may also be referred to as statutory accounts.
The first set of your company accounts needs to cover a certain period of time, which is dependent on when your company started performing business activities.
At the end of each financial year for the company, all shareholders, HMRC, Companies House, and those who can attend the company’s general meetings, must be sent a copy of the statutory accounts.
There are deadlines to meet when filing the company accounts, and failing to meet these can result in penalties.
What is included in it?
The company accounts will need to include a balance sheet, a profit and loss account, notes about the accounts, and also a director’s report. Depending on how big the company is, you may also need to include an auditor’s report.
A director must have their name printed onto the balance sheet, and have signed it.
