Tape UK : Limited Company Accounts Submission

If you have already made the right decision by choosing Tape UK to take a lot of the stress out of filing your accounts with HMRC and Companies House, we want to thank you so much. 

We will help you meet all the legal requirements and avoid any penalties by ensuring your company accounts meet accounting standards.

Keeping accurate and organised records throughout the year will help when it’s time to fill in your returns.

If you haven’t already, you should consider moving over to online bookkeeping software. This will keep all your records in one place and automatically organise them for you so there would be no need to worry about missing anything off as you can simply give Tape UK access to your online records throughout the year. 

Overview: 

Preparing company accounts for your limited company is a legal requirement, but it can seem like a daunting task. 

Company accounts include full (statutory) annual accounts and your company tax return. (statutory) annual accounts are annual financial records prepared at the end of your company’s financial year and sent to shareholders, Companies House, and HMRC as part of your tax return.

A company must file accounts every year. 

Company accounts are documents prepared at the end of a financial year which show how a company has performed over the accounting period.

All limited companies must deliver accounts to Companies House. It does not matter whether you've been successful, breaking even, not trading, or dormant.

Here is a checklist of the information you’ll need to provide to Tape UK to help us submit your accounts:

- Sales and purchase invoices/receipts

- Bank statements

- Credit card statements

- Cheque book and paying in book stubs

- VAT returns together with any workings (if you’re VAT registered)

- Petty cash receipts

- Your payroll records for the year (if applicable)

- Copies of any new loan agreements taken out in the year

- Details of any expenditure that didn’t go through your business bank account

Bank statements – For all your business accounts and for the period your accounts cover. You’ll probably have one main account, but if you have a deposit account or a reserve account, make sure to include these statements too. Don’t forget to include any cheque books and paying-in books if you still use these.

Loan statements – We will need to see these to make sure the closing balance is included in the accounts correctly and that the correct amount of interest has been included as a deductible expense.

Finance agreements – Copies of any new agreements taken out in the year. The interest on the repayments is a tax-deductible expense and the asset purchased could attract the annual investment or other capital allowances.

Business credit card – We would need these statements too. If it’s a personal card that you occasionally use to pay business expenses, spend the time highlighting these. This will save us time having to go through these.

All sales income - That means all your sales invoices for the year (regardless of whether they have been paid or not) or details of your daily takings if you do not issue invoices.

All purchase invoices and expenses receipts for the period - If we do not have these, we may need to make assumptions and/or some expenses could be missed out altogether, thereby increasing your tax bill.

Petty cash receipts – We will need the petty cash balance at the year end. Tape UK will need to reconcile your cash, so these records are vital.

Payroll records – Unless we already operate your payroll, you will need a print-out of each month’s pay run so that we can check to ensure all wages amounts and national insurance are included.

Stock value – a valuation of any stock held at the end of the year is required. This should be included at what it cost you, or its value if lower. 

To file online you’ll need to:

Register for online submission

provide an email address

choose a password

have the company’s authentication code to hand

Tape UK will need your:

HMRC online account details

Company registration number

Companies House online account details

What Tape UK will file for you: 

A set of accounts normally consists of: 

a profit and loss account

a balance sheet

notes

a director’s report

In some circumstances an auditor’s report may be necessary, but companies that qualify as small or micro-entities can take advantage of an audit exemption. 

We will make sure that all necessary information is completed before we submit. 

You’ll be emailed automatically when your accounts have been received, and again to tell you whether they have been accepted.

You should note that even if you use our service to file for you, it’s the responsibility of the directors to make sure the accounts are filed - and filed on time.

There are penalties for filing your report late, ranging from £150 for filing under a month late, to £1,500 for filing more than six months late.

Directors and shareholders must also register for a self-assessment and prepare tax returns for any untaxed personal income they receive, such as dividends from shares, expenses, and directors’ loans.

Tape UK has already assisted many self-employed individuals and business owners to file their accounts. 

If you have any questions or queries, please do hesitate to contact our team on accounts@tapeuk.com and we’d be more than happy to assist.