Limited company accounts and corporation tax
Accounts filed early, tax figured out in advance, no surprises in month twelve.
Most directors do not lose sleep over accounting standards. They lose sleep over two questions: how much tax is due, and when does it have to be paid. Our job is to answer both long before the deadline, so the money is set aside rather than scrambled for.
We prepare statutory accounts under FRS 102 Section 1A or FRS 105, file them at Companies House, and submit the CT600 and tax computations to HMRC. You see a draft with our comments first, in plain English, and we talk it through before anything is filed.
How we actually prepare your accounts
We start from the bookkeeping, not from a pile of receipts in March. Bank transactions are reconciled to the penny, supplier and customer balances are agreed, and stock, work in progress and accruals are brought in so profit lands in the right year.
Then come the adjustments that change your tax bill: capital allowances on equipment and vans, the annual investment allowance, disallowed entertaining, directors' loan movements and any R&D activity worth reviewing. Each one is explained on the draft rather than buried in a note.
- Bank, card and loan accounts reconciled and agreed to statements
- Fixed asset register updated and capital allowances claimed correctly
- Directors' loan account reviewed for s455 tax exposure
- Accruals and prepayments so profit reflects the real trading year
- Draft accounts, tax figure and payment dates sent to you for discussion
The deadlines that matter, and what happens if you miss them
Companies House expects accounts within nine months of your year end. Miss it by a day and the penalty starts at £150, rising to £1,500 at six months, and it doubles if you were late the previous year too.
Corporation tax is due nine months and one day after the year end, while the CT600 return itself is due at twelve months. Paying late attracts interest from day one. We work to internal deadlines a full month ahead of HMRC's, which is why our clients rarely see a penalty notice.
Common mistakes we see on the way in
Directors drawing money with no minute, no dividend voucher and no distributable reserves to support it. Personal spending run through the company card. Vans and equipment treated as expenses instead of assets. Confirmation statements forgotten because they are separate from the accounts.
None of these are hard to fix once someone is watching. All of them are expensive if nobody is.
Our process
How this works with us
- Step 01
Year end review
We review your records two months before the year closes, while there is still time to change something.
- Step 02
Preparation
Accounts and tax computations are prepared and internally reviewed by a second pair of eyes.
- Step 03
Your draft meeting
We walk you through profit, tax and the numbers worth acting on. Questions welcome.
- Step 04
Filing and reminders
Companies House and HMRC filings go in, and you get payment reminders with reference numbers.
Questions
Frequently asked
Often taken alongside
Talk to an accountant who understands your business
A 20-minute call, no charge and no obligation. We will look at where you are, what HMRC expects next and what a sensible fixed fee looks like.