Get the advice and support you need
Our experienced team can efficiently prepare and file the Statutory Accounts for your company and will be happy to answer any questions you may have.
In accordance with the Companies Act, almost all companies are required to prepare and file year-end accounts with Companies House and to file an iXBRL copy with HMRC within a tight timetable. Companies House will penalise accounts filed late e.g. £150 for being one-day late, £375 for being over 3 months late. These accounts must comply with Financial Reporting Standards and UK tax law and they provide an important insight into the company’s financial position and play a key role in business decision making. For example, a company can't declare a dividend without properly considering available reserves. Otherwise this could be judged to be illegal and void and care is required.
Things to consider
Preparing Statutory Accounts (or Year-End Accounts) need not be demanding, time consuming or expensive. However, regardless of whether you are a small company or a medium sized business with multiple shareholders, it is vital that they are correct as errors in this area can result in over payment of tax, penalties and interest. Some of the things that all company directors need to plan for are:
The critical dates for the Statutory Accounts to be prepared and filed,
- The legal requirements relating to an audit and the size exemptions,
How to manage day-to-day bookkeeping to help minimise costs,
The legal requirements around the correct declaration of dividends,
How to plan to best ensure that corporation tax is minimised?
Boxwood has many years of experience in working with the directors of small and medium sized companies, ranging from small start-ups with no turnover up to medium sized companies with turnovers in excess of £5m. If you have any questions at all then please feel free to give us a call. We will be happy to answer any queries you may have and you will be surprised at how easy and inexpensive it is to get the support you need.
Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. 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
How We Can Help
We are an established firm of Chartered Certified Accountants and tax advisers and we work with a very large and varied list of clients across multiple industries. Our clients range from start-ups and small companies with very low turnovers up to medium sized companies with turnovers in excess of £5m. We offer a professional and cost- efficient Statutory Accounts production service. We will work hand to minimise your tax liability and to we will always provide clear and practical advise and guidance.