Accountancy Services

Accountants in Market Deeping, Peterborough to prepare and file statutory accounts

Every limited business will need to complete annual statutory accounts and a corporation tax return. Apart from ticking the statutory compliance box, there are other reasons for having your accounts completed, such as directors and shareholders having accurate up-to-date accounts and information. We recommend taking this a step further by having management accounts completed throughout the year as to run your business it’s essential to know how much profit you’re making and what your cash position is.

Year-End accounts

Direct Peak specialise in micro-entity accounts, which HMRC define as having any 2 of the following:

• a turnover of £632,000 or less
• £316,000 or less on its balance sheet
• 10 employees or less

If your company is a micro-entity you can send only your balance sheet with less information to Companies House whilst still benefiting from the same exemptions available to small companies.

Company Structures

There are many different structures that businesses can choose to trade as and below is what each structure needs to prepare for their statutory requirements.

Sole Traders

Sole traders will need a set off annual accounts putting together for their business. Once this has been completed, the results can be entered into their self-assessment tax return.

Partnerships

Partnerships will also need an annual set of accounts putting together with a clear breakdown of how much profit each partner has made, so this information can be entered into their self-assessment tax return.  In addition to this, the partnership will also need a partnership tax return completing and submitting to HMRC, this is also known as a SA800.

Limited Companies

Out of all the legal structures, the limited company has the most statutory requirements. Limited companies require a set of annual accounts which need to be submitted to Companies House on an annual basis. They also require a confirmation statement to be submitted on an annual basis to Companies House to update the shareholding of the company.

HMRC then require a corporation tax return for the limited company on an annual basis and the correct amount of dividends then needs to be communicated to the shareholders so they can enter this information on their self-assessment tax return.

Self-Assessment Tax Returns

If you are self-employed or a director of a company, you will need to complete a self-assessment tax return. There are also a number of other circumstances where one will need to be completed. Depending on your circumstances there are a number of forms that need completing, which range from the SA100 to SA109.

If you would like us to look after your statutory needs, please get in touch with us.