We’ve got you covered when it comes to year end accounts – from preparing and filing annual accounts to the completion of the corporation tax paperwork.
So, we thought we’d break it down for you with our top 3 points, so you know key facts about your year end accounts:
1. Do I need to file a year end?
If you are a sole trader or partnership, there is no legal requirement to file a set of accounts each year with Companies House. You will still need accounts preparing for your financial year though so that the profit can go on your personal tax return.
Limited Liability partnerships (LLP’s), private limited companies, companies limited by guarantee and Public Limited Companies (PLC’s) must all file accounts with Companies House.
2. What is my accounting reference date?
This is the date your financial period finishes. When a company is incorporated, the year end date will automatically be given as the end of the month of incorporation.
For example, a company incorporated on the 28th November, would have an accounting reference date of 30th November, and accounts would need to be prepared to this date each year.
3. Can I change my accounting reference/year end date?
Yes, and many companies have done at some point. A financial year can be lengthened by a maximum of 6 months to create up to an 18 month period, but can only be lengthened once within 5 years without special dispensation.
A financial year can be shortened as often as you like, and even by as little as 1 day!