Here are some important questions about annual accounts answered:

How should my business prepare for annual accounts?

A business should always have a view to their annual accounts while bookkeeping, ensuring all transactions are properly recorded and stored, avoiding situations with annual accounts due and an uphill battle is required to get everything in order. This can be made much easier by making use of accounting software, which J Sweeney can easily help implement, administrate and operate.

When do I need to deliver my annual accounts?

Generally, the date that companies are expected to file their accounts is nine months after their financial year ends. Usually, businesses choose to end their financial year on the 31st of March to match the tax year. As a result, annual accounts should generally be filed no later than the 31st of December. For a new business, the annual accounts deadline is 21 months from their date of incorporation. Smaller businesses that can be classified as ‘micro-entities’ or as ‘small companies’ can provide simplified accounts.

You can easily check the specific date your business is expected to file their accounts by checking the Companies House website.

Who do I need to deliver annual accounts to?

Different accounts need to go to different institutions. The kinds of accounts discussed so far have been those required to go to Companies House, but there are additional requirements when filing annual accounts, such as those involving HMRC like Corporation Tax returns. Even companies that are inactive or dormant need to file annual accounts with Companies House, while they do not need to file with HMRC.

J Sweeney can help you with producing a business’s annual accounts, as well as setting up cloud accounting software to make reporting them easier. Contact us today to find out more about our services.