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Statutory accounts and returns

Whether you complete your accounts manually or on specialised accounts packages, Wagner Mason Accountants are happy to help and support you in maintaining accurate records and filing your statutory returns.

Remember this is a legal requirement with harsh penalties for non-compliance. If you would like to upgrade your systems to Kashflow/Xero or other computer packages, we can advise on the best package for you and provide assistance with installation, set-up and maintenance. We can also arrange training on computerised accounts packages for you and your staff.

Why you prepare statutory accounts

At the end of your private limited company’s financial year, you must prepare full, or statutory accounts.

Wagner Mason Accountants will assist you in this, giving you and your board of directors an accurate view of how the company is performing, highlighting areas where changes may be made that impact profits and final preparation for sending the accounts to Companies House and HMRC.

It is vital that the statutory accounts are filed in a timely manner. For reference Companies House and HMRC advise the following:

Action Deadline
File first year accounts with Companies House 21 months after the date you registered with Companies House
File annual accounts with Companies House 9 months after your company’s financial year ends
Pay Corporation Tax or tell HMRC that your limited company doesn’t owe any 9 months and 1 day after your accounting period for Corporation Tax ends
File a Company Tax Return 12 months after your accounting period for Corporation Tax ends

Late filing penalties

Penalties differ between private limited companies and public limited companies. Using a highly qualified and well-established accountancy firm will prevent any penalties being imposed upon your company. However, for reference the penalties are laid out by Companies House as follows:

Time after deadline Penalty (private limited company)
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1,500

Companies House will double the penalty if the accounts are late two years in a row.

Wagner Mason Accountants will advise you if you wish to appeal against a late filing penalty, but it is best to avoid the risk of penalty by being prepared for the deadline. Get in touch if you think your accounts need to be clarified before filing, or if you would like to make an appeal.