Our Annual Accounts Service
Almost every registered company in the UK needs to file statutory accounts with Companies House every year, as well as a company tax return with HMRC. (See next section below: Which companies need to file annual accounts?)
When you use our service, this is what you can expect.
- We talk tax together
We’ll meet with you to examine your financial data and discuss your goals. This will help us to give you Corporation Tax planning advice, which may help to legitimately lower your annual company tax bill. - We prepare your statutory accounts
We put together your statutory annual accounts. It makes our job easier and cuts costs if you already use our bookkeeping service, but this isn’t essential. We then submit the accounts to Companies House. - We prepare your company tax return
We compile and submit your company tax return to HMRC and let you know how much Corporation Tax you need to pay.
When you use our Annual Accounts Service, you’ll have your own account manager. You can contact them for advice and help at any time. If you’d like a member of our team to tell you more, request a callback now.
Which companies need to file annual accounts?
Your company needs to file statutory accounts with Companies House and HMRC if it is:
- A limited company (public or private)
- A limited liability partnership (LLP)
Most companies also need to file an annual Corporation tax return with HMRC. We can do this for you too.
What about abridged accounts?
Currently, certain types of business can send ‘abridged’ accounts to Companies House. These are simpler accounts that don’t need to be audited.
You may be able to send abridged accounts if your company is:
- dormant (i.e. has made no significant transactions in the relevant financial year)
- classed as a small company
- a micro-entity
You can find the latest definitions for these types of company here. However, please note that government intends to abolish abridged accounts in the relatively near future. We don’t have an official date for the change, but you can find out more in our blog post Companies House to axe filleted and abridged accounts.
Please note that different criteria apply if your company is to be considered dormant for Corporation Tax purposes. You can find out more about this here.
Components of annual accounts
When you submit annual accounts to Companies House, you need to include some or all of the following, depending on the size or status of your company.
- A balance sheet. This shows what the company owns, owes and is owed at the end of the financial year.
- Profit and loss account. This details your sales, running costs and the amount you have made or lost over the year.
- Notes about the accounts. These provide more context to your figures. For example, you might clarify who money is owed to or provide details about asset depreciation.
- A directors’ report. This will include information such as the names of directors and a business review. Smaller companies do not need to provide a directors’ report.
- An auditor’s report. If your company requires a statutory audit, you will need to include an auditor’s report with your annual accounts. Learn more about whether your company needs to be audited in our blog post, Statutory audit: does my limited company need one?
When you use THP’s annual accounts service, we’ll make sure you submit the correct information, giving you peace of mind.
Can my auditor prepare my annual accounts?
No, your auditor can’t prepare your annual accounts or submit your company tax return. This is because an auditor’s role is to provide an independent assessment of your financial statements, ideally stating that they are highly likely to be free from material misstatement.
If we do provide you with audit services, however, our auditor’s report will need to be submitted to Companies House as part of your package of statutory accounts.
Annual accounts, deadlines and penalties
It’s really important that you comply with the rules for annual accounts.
When it comes to filing statutory accounts, private companies must file them within 9 months of the end of an annual accounting period. Public companies have 6 months. If your accounts are late, you can soon rack up these fines.
| How late? | Private company | Public company |
|---|---|---|
| Up to 1 month | £150 | £750 |
| 1 to 3 months | £375 | £1,500 |
| 3 to 6 months | £750 | £3,000 |
| 6 months + | £1,500 | £7,500 |
Failing to file accounts land you in worse trouble. If the Registrar believes your company is no longer operated, it could be struck off the register. Any assets could become Crown property.
Worse still, directors could end up with potentially unlimited fines and a criminal record. It’s much safer to let THP take care of your accounts!
Company tax returns, deadlines and penalties
It’s equally essential to comply with the rules for company tax returns. If your company tax return is a day late, that’s an instant £100 fine. If it’s 3 months late, you pay another £100. After 6 months, HMRC will estimate your bill and slap you with a penalty of 10% of the unpaid tax. It’ll add another 10% at the 12-month mark. (Oh, and if your return is late three times in a row, those £100 fines go up to £500!)
Again, if THP takes care of your company tax return, we’ll make sure everything is filed on time – avoiding the need to pay penalties.
Information needed for a company tax return
It can be tempting to try and save money by filing your company tax return yourself.
In most cases, this is a false economy. When you file your company tax return, you need to have detailed financial information at your fingertips. This can include everything from chargeable gains through to R&D expenditure.
Also, unless you really understand how the tax system works, you can easily miss out on relevant tax deductions and reliefs.
Our accountants have many years’ experience helping companies to legitimately reduce their Corporation Tax bills. We can do the same for you. Drop us a line today to learn more.
Can you file my annual accounts and company tax return at the same time?
Yes, we can file your annual accounts and company tax return at the same time.
If you’ve used the HMRC and Companies House joint filing service in the past, you need to be aware that it will be closed permanently from 31 March 2026.
In order to file both sets of documents together, you’ll need software capable of doing both.
At THP, we have software that can do this. We can also offer you compatible cloud accounting software to keep your books, sometimes for free.
Annual accounts cost
The cost of preparing your annual accounts depends on the service you need. THP can give you a very competitive quote for handling your annual accounts, your company tax return, or both.
If you would like us to handle your company tax return, we strongly recommend you integrate our Corporation Tax planning service to help you plan ahead and keep your bills lower.
Meet the THP Annual Accounts Client Directors
Mark Ingle (Chelmsford & Saffron Walden branches)
An owner-manager business specialist, Mark is adept at building relationships with our clients. “I like to help firms to grow and succeed and our business accounting services team has a lot to offer them.” Having worked for accountancy practices in London and Essex, Mark is experienced at supporting businesses of all sizes. For him, THP stands out because of its “local firm approach with the resources of a larger practice.”
Kirsty Demeza (Wanstead branch)
With a portfolio that ranges from startups to companies with a £10 million turnover, Kirsty’s talent for working closely with her clients ensures her services remain in strong demand. “When you help a new business and watch it expand into new premises and secure big contracts, it’s a great feeling,” she says. As well as providing business accounting services that range from tax planning and VAT to audit and annual accounts, Kirsty’s part of THP’s sales team and closely involved in helping our trainees to develop their skills.
Lee Daley (Sutton branch)
As one of our Responsible Individuals (RIs), Lee is able to sign off audits and is experienced at working with larger clients on their annual accounts and much more. He is well known for developing strong relationships with firms, providing them with friendly and transparent business accounting services. Lee began his career with THP and has built up decades of experience, which he is always keen to share: “I like to give guidance where I can, and I think people see me as being approachable and someone who can help.”
Annual accounts FAQs
Yes, there’s nothing to stop a business preparing their own annual accounts. However, you do need the expertise and the time to get them right. Preparing annual accounts is a complex task and you could face penalties if you get them wrong.
Financial statements are essentially a subset of your annual statutory accounts. They include things like your balance sheet and profit and loss account.
The balance sheet of your annual accounts must be signed by a director.
Your accounts can be submitted by a company director, company secretary, tax agent or accountant. If you use our annual accounts service, we will submit your accounts to Companies House.
The cost of preparing your annual accounts depends on a variety of factors. These include the size of your business, the quality of your record keeping and bookkeeping, plus the proximity to your submission deadline. At THP, we aim to give you excellent value for money. Get in touch today for an annual accounts quote.
Annual Accounts News
Want to learn more about Annual Accounts? If so, please browse our blog articles.
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