At the end of each financial year, a set of financial reports of your business is prepared that is known as statutory accounts. All private limited companies are required to submit statutory accounts to Companies House and HMRC. Annual accounts give insight into the financial activity and performance of your company.
Statutory accounts require expertise for accurate preparation and timely submission of tax returns. For limited companies a balance sheet and profit & loss statement is a must require to complete annual accounts. At Hayes Accountants our professional team will assist you with smart accountancy solutions by composing and filing your statutory accounts on your behalf
A majority of small companies in the UK are small businesses according to the HMRC’s definition. Following companies are required to file company accounts:
- Make a turnover of less or more than £10.2 million
- Balance sheets contains less or more than £5.1 million
- Company having less or 50 employees
If a company satisfies the above-mentioned conditions than it has to submit a company accounts file signed by the director or other partners.