Company Accounts – Maak Accountancy

At Maak Accountancy, we understand that maintaining accurate and up-to-date company accounts is crucial for the smooth running of your business. Whether you are a startup or an established business, having a reliable accounting system in place helps ensure compliance with tax laws, smooth financial management, and sustainable growth.

Why Company Accounts Matter

Company accounts are a set of financial statements that reflect the financial health of your business. These statements provide essential insights into your business’s performance, including income, expenses, assets, and liabilities. Well-managed accounts help business owners make informed decisions, track financial progress, and ensure legal and tax obligations are met.

For UK businesses, accurate financial records are essential for filing tax returns and other statutory obligations. The Companies House requires companies to file annual accounts, and failure to do so can lead to penalties or legal consequences.

Types of Company Accounts

1. Corporate Tax Returns

As a company, you must pay corporation tax on your profits. Filing accurate tax returns is essential to avoid penalties and ensure your tax liabilities are correctly calculated. We help you prepare and file your corporate tax returns in compliance with HMRC requirements.

2. Limited Company Accounts

For limited companies, it’s mandatory to file annual accounts with Companies House. This includes the balance sheet, profit and loss account, notes to the accounts, and a director’s report. We assist in preparing and submitting all required documents to ensure compliance and avoid penalties.

3. Community Interest Company (CIC) Accounts

CICs must prepare and file annual accounts like any other limited company but must also submit a CIC34 report detailing their social activities and how profits are used for community benefit. We simplify the process, ensuring your CIC meets all statutory requirements effectively.

4. VAT Returns

If your company is VAT-registered, you need to submit VAT returns regularly. These returns detail the VAT you’ve charged on sales and the VAT you’ve paid on purchases. Keeping your VAT accounts up-to-date is crucial to ensure you’re compliant with HMRC requirements.

5. Payroll and PAYE Records

For companies with employees, it’s vital to maintain payroll records. This includes ensuring proper calculations of salaries, taxes, and National Insurance contributions for each employee.

6. Management Accounts

These are internal reports that provide a snapshot of your company’s financial performance. They are typically more frequent than statutory accounts and can help business owners make short-term financial decisions.

Key Deadlines for Company Accounts

  1. Corporation Tax Filing Deadline: File your corporation tax return with HMRC within 12 months after the end of your accounting period. However, the tax owed must be paid within 9 months and one day from the end of your accounting period.
  2. Filing with Companies House: Limited companies must file annual accounts with Companies House within 9 months of the end of their financial year. The deadline for submission is strictly enforced, and failure to submit on time can result in fines.
  3. VAT Filing Deadlines: If your business is VAT-registered, your VAT returns must be filed quarterly or annually, depending on your business structure.
  4. PAYE Reporting: If you employ staff, PAYE (Pay As You Earn) information must be reported to HMRC every time you pay your employees.

How Maak Accountancy Can Help

At Maak Accountancy, we provide comprehensive services to help you stay on top of your company accounts. From bookkeeping and VAT returns to financial statements and corporation tax filings, we ensure your business remains compliant and financially healthy.

Our services include:

  • Preparation of year-end financial statements
  • Corporation tax return filing
  • VAT registration and returns
  • Payroll services
  • Bookkeeping and management accounts
  • CIC Accounts Preparation and Filing
  • Business advice and tax planning

Government Resources

To ensure your company is always compliant with UK regulations, it’s essential to stay updated with government guidelines. Below are some useful links to relevant UK government resources:

  1. HMRC – Corporation Tax
    Information on corporation tax rates, how to file your tax return, and deadlines.
    HMRC Corporation Tax
  2. Companies House
    File your company accounts, get guidance on filing deadlines, and keep your company details up-to-date.
    Companies House
  3. HMRC – VAT Registration
    Learn about VAT, when to register, and how to submit VAT returns.
    HMRC VAT
  4. HMRC – PAYE
    Guidance on reporting salaries, tax, and National Insurance contributions for your employees.
    HMRC PAYE
  5. Gov.uk – Annual Accounts and Audit
    Information for UK companies on annual accounts and audit requirements.
    Gov.uk Annual Accounts

Contact Us

If you’re looking for professional help with your company accounts, Maak Accountancy is here to guide you every step of the way. Get in touch with us today to discuss your business’s accounting needs and let us handle the paperwork while you focus on growth.

For more information or to schedule a consultation, visit our website or call us directly. We’re here to help your business thrive!