ANNUAL ACCOUNTS SUBMISSIONS
What is Annual Accounts submission
Annual accounts also known as ‘statutory accounts’, submission in UK is the most important part of a company’s financial statement. The annual account submission in UK is mandatory for all private limited companies. You send your annual accounts to Companies House whereas your tax returns to HMRC.
Along with the Companies House, you have send the copies of the statutory accounts to:
The company shareholders.
People qualified to the company’s general meetings.
HMRC as part of your Company Tax Return.
You have to submit the annual accounts by the end of the financial year of your company.
How to Get the Annual Accounts Statement
Preparing a company’s annual statement can be a complicated and time consuming process. Such reports are accepted only from qualified accountants. You have to submit many documents with this statement. Some of them are:
The company’s ‘balance sheet’, which shows the value of everything the company owns and owes during last day of the financial year.
A ‘profit and loss account’ statement, which shows the company’s sales, costs and profit or loss over the financial year.
Additional explanatory notes about the accounts.
Depending on the size of your company, an auditor’s report may also be required.
There are a number of different options that are available to prepare statutory accounts in the UK. In order to get the most benefit from this type of service, you will need to make sure that you hire an accountant that is experienced and reputable. Accountants in the UK are required to have a license which is offered to them by the Office of the Public Sector Standards (OPS).
Pro Tax Accountants have a team of qualified accountants to take up the job of preparing your annual accounts statement. All you have to do is to prepare or online quotation request form.
The Importance of the Annual Accounts
One of the major advantages of annual accounts submission in UK is that, it helps you to the financial soundness of your company. If you are planning to apply for the loan, it will be difficult for you to meet the requirements in the absence of annual accounts statement. You will be facing the problem because banks have the problem of the absence of information regarding the financial activities of the applicant / the company in the past. After submission of the annual statement, the bank verifies the information provided by the applicant and is likely to grant you loan, if you meet other requirements.
If you want to know about the financial information of a company, then annual accounts submission in UK is the best option for you. You can get detailed information about the financial activities of the applicant. The financial activities can be verified by checking the documents submitted by the applicants. By submitting your annual accounts you can also prove your ability for getting the financial benefits.