Why do I need to file Year End Accounts?

Businesses are required to produce a set of accounts at least once per year. These accounts will form the basis for the tax return which tells HMRC how much tax is owed. ​It also helps business owner in decision making process as Year End accounts can identify the areas need attention.

What if I do not submit my Year End Accounts?

Year End Accounts must be submitted to Companies House and HMRC.

Companies House

Year end Accounts must be submitted to Companies House within 9 months after the end of company year end period.

• Late filing penalties for accounts delivered late:
• up to 1 month late - £150
• between 1 month and 3 months - £375
• between 3 and 6 months - £750
• over 6 months - £1,500

HMRC

When a company file accounts to HMRC and makes profit, company is liable to pay Corporation Tax. This tax is due 9 months and one day after the end of the accounting period. Interest is charged on late payment of tax.

Corporation Tax Return

The Corporation Tax return (CT600) must be filed 12 months after the end of the accounting period. If the return is not lodged on time, then a penalty of £100 will be applied. If the return is lodged more than 3 months after the due date, then the penalty will be £200. (£1,000 for persistent failure)