How Soon After Year-End Do I Have To File My Accounts?

August 11, 2023

Whether your company is dormant or non-trading, you need to file twelve-monthly accounts with Companies House. As a result, you need to have an excellent understanding of when you should deliver your company’s accounts to Companies House.

Once you set up a limited company and fail to file your accounts, there’re substantial fines for lateness. Your company’s secretary and directors could face a criminal suit. It could lead to massive personal penalties and possible disqualification from the director’s role for a maximum of 15 years.

This article will delve into the regulatory timelines for financial reporting and provide guidance on the deadlines for filing twelve-monthly accounts post-year-end. It emphasises the significance of punctuality to side-step punishments and offers tips on streamlining the entire accounting process for timely submissions. Let’s go through the following sections to learn more.

What Are the Filing Requirements of a Limited Company?

Once you register a company, you’re legally required to report some crucial information to HMRC and Companies House on a twelve-month and as-required basis. This information includes:

  • Assets and liabilities
  • Income and expenditure
  • Key company details and
  • People who operate it

Your company needs to file a confirmation statement as well as annual accounts. Companies House requires your company to prepare a confirmation statement each year. This statement confirms general information about your business on a certain date, making sure that the details available on the public record are up-to-date and correct.

Annual Accounts

Aside from the confirmation statement, annual accounts also need to be filed every year. Your company needs to prepare accounts for Companies House annually. This also applies to dormant companies.

The aim of annual accounts is to report your company’s financial activity at the end of its financial year. Your company’s trading status and size determine the type of accounts you must prepare, including the following:

  • Dormant companies need to prepare basic accounts (dormant accounts).
  • Small companies need to prepare simplified and abridged accounts or simply small business accounts.
  • Micro-companies need to prepare micro-entity accounts.
  • Larger organisations need to complete full statutory accounts

When Should I File My Accounts Soon After Year-End?

After every financial year, your company needs to prepare full statutory annual accounts and a Company Tax Return. You need your company’s annual accounts and tax return to meet closing dates for filing with HM Revenue and Customs (HMRC) and Companies House. Always remember these key accounts filing periods.

  • The closing date for delivering accounts to Companies House is nine (9) months after your company’s financial year-end.
  • But your first accounts with Companies House after the date of incorporation will be due twenty-one months.

Tips on Streamlining the Accounting Process for Timely Annual Accounts Submissions

You need to side-step all penalties that may originate from late annual accounts submissions. To help you achieve that, this section has several expert-proven tips on streamlining your accounting process to ensure you file your annual accounts before the deadline to avoid penalties. They include:

  • Automate your financial closing processes from start to end
  • Prioritise account reconciliation
  • Streamline data collection efforts
  • Start early
  • Shift to an advisory service model
  • Enhance partnership and collaboration
  • Power your day-to-day operations
  • Standardise your tax workflow
  • Assess your current processes and tech stack

If you streamline your company’s accounting process using these tips, you’ll be able to submit your annual accounts punctually and avoid penalties.

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