Company accounts.
We are a firm of experienced Chartered Tax Advisers and Accountants based in central London. Our focus is on working with individuals and small businesses; helping our clients by providing a clear, expert and affordable service covering all areas of UK accounting and tax compliance.
Who needs to prepare company annual accounts
and when must they be filed to avoid a penalty?
All companies (regardless of size) must file formal accounts at the end of each year with Companies House. Your business can be fined for inaccurate information or missing the deadline.
Who must file?
Annual Accounts (also known as Statutory Accounts or Year-End Accounts) must be prepared and filed by all limited companies (regardless of size) each year with Companies House in order to avoid a penalty and the starting point for the accounts will be the bookkeeping records.
​
What format and information is required?
The format and the detail required varies depending on the size of the company and the accounts must comply with UK accounting standards. Large companies will typically need to file more information than smaller companies and also small companies may be able to benefit from less disclosures.
​
What is the deadline and are there penalties?
Accounts must be filed with Companies House within 9 months of the end of the financial year (the deadline for public companies is 6 months). But the deadline for companies in their first year is 21 months after the company was incorporated. Companies House will charge £150 if the accounts are filed late and this penalty can increase quickly if the accounts remain unfiled.
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time."
​
John at Bentley Consultancy Services Ltd
Why not get some expert help with your accounting and tax?
You'll be surprised at how easy and affordable it
is to get the support you need.
Pitfalls to avoid
Preparing your year-end company accounts should not be complex or difficult. But filing inaccurate information is illegal. Some of the more common areas of risk which can lead to penalties or the overpayment of tax are;
Not complying with accounting standards.
Accounts must conform with financial reporting standards. If these are not complied with then the accounts will be inaccurate. Directors have a legal duty to prepare accurate accounts.
​
Inaccurate revenue recognition.
Poor revenue recognition in the accounts will lead to the incorrect amount of tax being paid. This is an important area as revenue is typically not only recognised when it is invoiced.
​
Incorrect accounting for director loans.
It is not uncommon for a company to make a loan to a director. However, there are a number of rules that must be adhered to and tax can easily become due on this loan if care is not taken.
​
Not keeping adequate bookkeeping records​.
Good quality bookkeeping is extremely important for many reasons. The Statutory Accounts will rely heavily on these records and therefore it is important they are as accurate as possible.
​
Missing the deadline.
The deadline for filing Statutory Accounts is 9 months after the financial year. If this is missed then Companies House will issue an immediate £150 penalty.
We offer a completely complimentary initial consultation.
Why not give one of the team a call today to get
answers to any questions you may have.
WHAT PEOPLE SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why should you choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
1
Chartered
Tax Advisers
We are fully qualified Chartered Tax Advisers & Accountants and we can provide expert advice & guidance
2
Complimentary
Consultation
We provide a completely free initial consultation, allowing you time to chat through any questions you may have
3
Competitive
Fixed Pricing
We operate on a fixed fee basis which is agreed in advance and there are absolutely no hidden costs
4
Small Business
Expertise
We have a long and established history of providing advice and support to small businesses.