Filling of Company Accounts
At the end of the financial year, company accounts give an understanding of the performance of the company and enable you to determine any risks that can be associated with your company. When you are inspecting new clients it’s important to understand the financial status of the company to make sure whether you can fulfil the financial commitments or not. All registered companies must file their accounts to HMRC and submit CT600 (Company Tax Return).
Company Account Contains
All companies submit the company account on an annual basis. These accounts lead to the outline representing the financial data of the company over the last year. Company accounts can usually contain:
- P&L (Profit and Loss account)
- Balance sheet that defines the statement of financial position of the company
- Director’s report that describes the company’s principal activity