If you run a limited company you will be required to submit various reports to Companies House and HMRC.
Table Of Contents
Main Reports Required
- Annual turnover must be no more than £6.5 million
- Balance sheet total must be no more than £3.26 million
- Average number of employees must be no more than 50
The advantage of this is that abbreviated accounts require much less information than full accounts, therefore competitors and the general public will not see detailed information regarding your accounts. Also, most small companies do not require a full audit.
Abbreviated accounts contain a basic balance sheet, which show the assets and liabilities of the company. Assets include things such as bank balances, equipment, vehicles, trade debtors (money customers owe you). Liabilities may include loans, overdrafts, trade creditors (money you owe suppliers. By adding up assets and taking away liabilities it gives a snapshot of your company’s net value. This of course doesn’t provide the full picture, as doesn’t take into account your order book, goodwill, brand, reputation etc.
These accounts should be filed with Companies House 9 months after the year end and can be filed online or sent by post.
It is important to file this return, otherwise Companies House may start the process of dissolving your company, which could freeze your bank accounts.
Full Members Accounts
Corporation Tax Return
This needs to be filed electronically and the iXBRL accounts should accompany the submission.