Statutory Accounts and Corporation Tax

Statutory Accounts and Corporation Tax: Managing Financial Compliance

Statutory Accounts are financial documents required by law for all businesses. They include:

1. Balance Sheet: A snapshot of your assets, liabilities, and equity at a specific date.

2. Profit and Loss Account: Summarizes your revenues, costs, and profits over a specified period.

3. Notes to the Accounts: Explanatory notes that provide context and details about the financial statements.

4. Director's Report (if applicable): A narrative discussing your company's performance and outlook.

Corporation Tax is the tax paid on profits by UK limited companies. It's vital for tax compliance. The key details:

• Submission Deadline: Statutory accounts need to be submitted to Companies House within nine months of your company's financial year-end. Corporation tax returns are due to HMRC within 12 months of the financial year-end.

• Payment Deadline: Corporation tax payments are typically due nine months and one day after your company's financial year-end.

Small Businesses and Micro Businesses: Criteria

• Small Businesses: Typically, a small business in the UK has an annual turnover of less than £10.2 million, a balance sheet total of less than £5.1 million, and fewer than 50 employees.As a small business, you can send Companies House abridged financial statements. In addition, a director's report, a profit and loss account, and the option to audit or not are also available to small businesses.

• Micro Businesses: These businesses are even smaller, with a turnover of less than £632,000, a balance sheet total of less than £316,000, and fewer than 10 employees. Being a micro-entity means you do not need to prepare complex accounts, and you can send more straightforward balance sheets to Companies House instead. The same exemptions offered to small companies are also given to micro-entities.

How FinCollab Supports Your Business:

FinCollab simplifies the complexities of statutory accounts and corporation tax for small and micro businesses:

• Preparation: We meticulously prepare your statutory accounts, ensuring compliance with all regulations and accurate financial representation.

• Tax Compliance: We manage your corporation tax filings, maximizing deductions and credits, while ensuring timely submissions and payments.

• Tailored Services: Our solutions are customized for small and micro businesses, considering their specific criteria and needs.

• Peace of Mind: With FinCollab, you can focus on your business growth, knowing that your financial compliance is expertly managed.

Let FinCollab take care of your financial compliance, allowing you to concentrate on your business's success with confidence.