Duck Consulting can prepare your micro-entity limited company, sole trader or partnership end of year accounts, corporation tax returns and where required, manage their submissions with the relevant governing body. To discuss your accounting needs, please contact us today.
Am I required to prepare and file end of year company accounts?
All businesses are required to prepare end of year financial statements although not all businesses are required to file accounts with Companies House. Even where a business is not required to submit end of year financial accounts with Companies House, for example, unincorporated sole traders, it is important that they prepare and retain them each year. In the event of an HMRC investigation, if a business is not able to produce company accounts, then they may be subject to hefty fines.
Do all businesses need to complete and file a corporation tax return (CT600) for submission with HMRC alongside their annual company accounts?
While all businesses are required to report and pay taxes on their business profits, not all businesses are required to complete a corporation tax return and pay corporation tax. Broadly speaking, sole traders and partnerships are not subject to corporation tax (tax is instead settled via the self assessment system with the exception of limited liability partnerships) but incorporated (Limited) companies are.
Each year, limited companies must not only file their end of year accounts with Companies House, but they must also file a copy with HMRC alongside their corporation tax return. The company accounts are critical in the preparation of the corporation tax return as they form the base starting point for the return and calculating the ultimate corporation liability of the company for the year.
How can Duck Consulting help with my business end of year obligations?
Duck Consulting can guide you and your business to ensure you are meeting your end of year accounts and corporation tax preparation and submission obligations. We can prepare your micro-entity limited company, sole trader or partnership end of year accounts, corporation tax returns and where required, manage their submissions with the relevant governing body.
To discuss your accounting needs further, contact us today.
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