If you run your business via a Limited Company, one of the things we can help you with is filing your Company Accounts with Companies House and HMRC.
It also doesn’t matter whether that business operates here in Newport or further afield, as technology enables us to review your records and prepare your accounts regardless of where your business is located.
Filing deadlines:
All Limited Companies are required to file a set of accounts with Companies House 9 months after the end of the accounting period. If it is your first year of trading, then your filing deadline may be slightly different, but we will be able to keep track of all this for you.
You will also need to file a full set of Accounts to HMRC alongside your Corporation Tax Return which is due to HMRC 12 months after the end of the accounting year, but we will always work towards the earlier deadline for you.
Limited Company Accounts – our process:
We will contact you as your accounting year end approaches to ask you for the key information we might need, such as debtors (money owed to your business), or creditors (money owed by your business) and bank statements. Even if you use software such as Xero then we will still ask for this information to ensure the figures within the software are correct.
Once you give us your accounting records or confirm that your software is up to date and ready for us to look at, then we will make a start for you. We aim for a 2-to-6-week turnaround depending on the size and complexity of your business, and how accurate your records are.
Depending on the time of year your records are given to us, we might have to factor in staff holidays and other deadlines, so encourage our clients to speak with us throughout the year if you would like things prepared quicker or if you have an internal deadline to meet.
This means that the first set of draft accounts may be prepared by a junior member of staff, who will go through any basic queries with you before they are reviewed by a senior member of staff.
If we prepare your VAT returns or perform any type of bookkeeping for you, then we will also try and go through as many queries as possible with you during the year, so that the year-end process is as streamlined as possible. Again, these queries could come from the member of staff who prepares your VAT return.
Once we have draft accounts including any draft tax liabilities, we’ll get them sent over to you and the next phase can start.
Going through any queries:
All our clients are offered the chance to review their accounts with a director. This doesn’t have to be face to face although you are more than welcome to call into the office and meet the full team.
If a face-to-face meeting isn’t practical or you would prefer a Teams meeting/phone call, then this can also be arranged.
These meetings are your chance to ask us any questions you may have, not only about the business accounts, but also about anything else which has cropped up during the year. If we can’t answer your questions during the meeting, or if your query is outside the scope of your accounts fee, then we will get back to you as soon as we can or quote you for any additional ad-hoc work which needs to be done.
We encourage all our clients to phone us or email us with any queries as once a decision has been made, it’s sometimes difficult to change things, and we want you to be confident that you are making the right choices for your business.
Finalising and filing:
Once you are happy with the accounts and we have made any changes that need to be made, we will upload the accounts to your client portal for approval electronically. These documents will be available in your portal for you to view as and when needed, and they can also be downloaded if needed
We then receive confirmation that the files have been signed, and once our fees have been settled, we will submit to Companies House and HMRC for you, and email over confirmation of this, along with the details needed so that you can make the relevant payments to HMRC.
If you’d like to see how we can help you with your Limited Company Accounts, then contact us now.
