Filing Annual Accounts with Companies House: Step-by-Step Guide

1. Filing Annual Accounts with Companies House: Step-by-Step Guide Every UK business, whether small or large, has a legal obligation to maintain transparency and accuracy in financial reporting. One of the most important compliance tasks is annual accounts preparation and filing them with Companies House. Failing to meet deadlines or providing incorrect information can result in penalties and affect your company’s reputation. At KVK Accounting, we specialize in helping businesses prepare and file their annual accounts on time, ensuring compliance and accuracy. What Are Annual Accounts? Annual accounts (also known as statutory accounts) summarize your company’s financial performance over the year. They provide essential details about income, expenses, assets, and liabilities, giving both stakeholders and regulatory bodies a clear picture of the company’s financial health. These accounts must be filed every year with Companies House and shared with HMRC for tax purposes. Who Needs to File Annual Accounts? Limited Companies: All private limited companies registered in the UK must prepare and file annual accounts.  Dormant Companies: Even if your company is inactive, you must still file dormant accounts.  Small and Micro-Entities: These businesses may file simplified accounts but must still meet Companies House requirements.  Filing Deadlines For new companies: First accounts are due 21 months after the date of incorporation.  For existing companies: Annual accounts must be filed within 9 months of the company’s financial year-end.  Missing these deadlines can lead to late filing penalties ranging from £150 to £1,500, depending on the delay. Step-by-Step Guide to Filing Annual Accounts with Companies House 1. Prepare Financial Records Maintain accurate records of income, expenses, payroll, and assets throughout the year to simplify account preparation. 1

2. FILING ANNUAL ACCOUNTS WITH COMPANIES HOUSE: STEP-BY- STEP GUIDE 2. Compile the Annual Accounts Statutory accounts usually include: Balance sheet  Profit and loss account  Notes to the accounts  Director’s report (for larger companies)  3. Check for Exemptions Small and micro-entity companies may use simplified reporting formats. Understanding these exemptions can save time and costs. 4. Ensure Compliance with Accounting Standards Accounts must follow UK Generally Accepted Accounting Practice (UK GAAP) or International Financial Reporting Standards (IFRS), depending on the company’s size and structure. 5. File with Companies House You can file accounts online via the Companies House website, use accounting software, or appoint an accountant to handle submissions. 6. Submit to HMRC Alongside filing with Companies House, companies must also send their accounts and tax returns to HMRC. 7. Keep Records Safe Businesses must keep accounting records for at least 6 years in case of audits or compliance checks. Common Mistakes to Avoid Missing filing deadlines.  Submitting incomplete or inaccurate records.  Not checking for small company exemptions.  Failing to reconcile accounts with HMRC filings.  2

3. FILING ANNUAL ACCOUNTS WITH COMPANIES HOUSE: STEP-BY- STEP GUIDE Why Use Professional Help? Filing annual accounts can be time-consuming and complex. Partnering with an expert like KVK Accounting ensures: Accurate annual accounts preparation.  On-time filing with Companies House.  Reduced risk of penalties.  More time to focus on growing your business.  Final Thoughts Filing annual accounts with Companies House is a crucial responsibility for every UK company. By following a structured approach and seeking professional guidance, businesses can stay compliant, avoid penalties, and maintain financial transparency. At KVK Accounting, we take the stress out of annual accounts preparation so you can focus on what matters most—running your business successfully. 3