Company Accounts &
Corporation Tax

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Company Accounts & Corporation Tax

Fusion Accountants are modern Chartered Accountants for small to medium businesses, contractors and independent consultant.
We’ll take care of all your company accounts and corporation tax compliance.

What are Company / Statutory Accounts

All companies whether trading or not, must prepare annually, the Company’s Accounts (also known as ‘Statutory Accounts’). Their aim is to breakdown and report the financial position and performance of a Limited Company in that year.

These are prepared after the end of your company’s financial year and must be submitted to:

 

  • Companies House
  • HMRC
  • All Shareholders

What’s included in Company Accounts

Accounts are prepared differently depending on the size of the company, for example:

There are 5 different types of Limited Companies in the UK:

  • Micro-Entity
  • Small Company
  • Medium-Size Company
  • Large Company
  • Dormant Company

Statutory accounts are not intended to include every last bit of detail that happens in the business, but provide a good overview of the business activity to help any stakeholder make useful decisions.

Statutory Accounts can typically include:

  • Profit & Loss Account / Also know as Income Statement
  • Balance Sheet
  • Cashflow statement
  • Directors report
  • Notes to the accounts
  • Auditors Report
  • and more….

Corporation Tax Return

 All Limited Companies must submit a Company Tax Return (CT600) to the HM Revenue and Customs along with Company Statutory Accounts. These include information on how you computed your Corporation Tax, including a Profit & Loss Account (note this is different to your Profit & Loss account in statutory accounts).

It is important that you seek advise from a qualified accountant to best plan to help minimise corporation tax for your business. Fusion Accountants are qualified Chartered Accountants with many years of experience helping small business plan their tax strategies and how.

Deadlines

The deadlines for Private Limited Companies (LTD) differ to Public Limited Companies. Both are determined by your Companies accounting reference date. This is also known as the year end date. When you first form the company this is automatically set as the first anniversary of the last day of the month in which you incorporated the company.

So for example, if you form a company on the 15th of January 2010, then your automatic accounting reference date would become, 31st January 2011, in other words the first anniversary of the last day of the month in which you formed the company.

For all private Limited Companies the Deadlines are:

Accounts Deadline
1st Accounts with Companies House 21 Months after date of company formation
Annual Accounts with Companies House 9 Months after your company’s financial year end
Corporation Tax Deadline
File Company Tax Return (CT600) 12 Months after your accounting period
Pay Corporation Tax 9 Months and 1 day after your ‘accounting period’ for Corporation Tax ends

Penalties

Statutory Accounts

Time after the deadline Penalty (for private limited companies)
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1500

Corporation Tax Returns

Time after the deadline Penalty
1 day £100
3 months Another £100
6 months HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax
12 months Another 10% of any unpaid tax

How we can Help

Fusion Accountants are modern Chartered Accountants for small to medium businesses, contractors and independent consultant. We’ll take care of all your company accounts and corporation tax compliance.

If you’re a limited company, we’ll file the required annual accounts to Companies House and HMRC, and submit a full CT600 Corporation Tax Return to HMRC. We’ll make sure you’re submitting your accounts in the right format, e.g. abbreviated accounts or full accounts, and we’ll be fully compliant with your disclosure requirements.

And you won’t incur any penalties because Fusion will make sure you never miss a deadline.

Switching to Fusion

We’ll arrange the transfer of your previous years’ accounts and data from your old accountants and input this into whichever online accounting software you choose. Your team of experts. Being with Fusion means a team of experts has your back, led by your own personal account manager, giving you advice and support whenever you need it. Any time you have a question on tax or accounting, you’ll only need to send an email or give us a call , and real, UK-based person will answer in easy-to-understand English.

What you can expect from our services

  • Annual Accounts prepared & submitted
  • Corporation Tax Return prepared & submitted
  • Filings with Companies House
  • Filings with HMRC
  • Annual return filings
  • Dedicated accounts manager

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