Annual Accounts Submission

Your Tax Accountant in Southall for

Annual Statutory Accounts

Annual Accounts Submission Services in Southall

Annual Accounts Submission

Annual Accounts Submission

Almost all companies registered in the UK are required to prepare annual accounts to submit to HMRC each year. The purpose of these accounts is to report on the financial activity of the business and then calculate the amount of corporation tax it has to pay to HMRC.

Companies’ directors or finance managers have a legal responsibility to ensure that financial statements are properly completed and submitted by the legal filing deadline. Copies must also be given to the company’s members (shareholders). You should use a professional accounting company to take care of your business annual accounts as late or wrong annual accounts submissions can cause penalties.

How We Can Help You

Preparing a company’s annual accounts report can be a long and complicated process. These reports are only acceptable by HMRC if prepared by qualified accountants. You must attach several documents to your annual accounts report.

There are a number of different options for getting your annual accounts submitted. To get the most out of this type of service, you will need to ensure that you hire an experienced and reputable professional accountant. Advantax has a team of qualified accountants to take care of the preparation of your annual statutory accounts statements.

submit your company's Annual Accounts professionally (1)

FAQs about Annual Accounts & Corporate tax

A corporation tax is a tax on a company’s profits. Tax is paid on a company’s taxable income, which includes income minus costs of goods sold (COGS), general and administrative (G&A) costs, sales and marketing, research and development, depreciation, and other operating expenses. Corporation tax specifically applies on:

  • Trading profits
  • Investments
  • Selling assets such as land, property, shares

The current corporate tax rate in the UK is 19%. If your company makes a profit of  £ 40,000, corporate income tax would be £ 7600 based on a 19% tax rate. Remember the UK corporate tax rate changes every year.

The details you will be asked to fill out include:

  • Company Name
  • Registration number
  • Your business start date (the start date of your company’s billing cycle)
  • The main address
  • Business type
  • Name and address of the directors

You must do this within 3 months of starting trading. It is the business manager’s duty to complete and file the company’s tax return and then pay the invoice. You can hire an accountant to do this on your behalf.

No charities do not have to pay corporate tax, but they may be required to complete corporate income tax returns if they are involved in any taxable income.

If you are not paying Corporation Tax for some reason. You need to contact HMRC and ask for a payment deadline if you want to continue the business. If your company is unable to pay corporation tax, HMRC will send a bailiff to your premises to seize the company’s assets to be auctioned to pay your corporation tax. If the debt is high enough, over £ 750 or more, they can pay off the legal debt, which is the first step in liquidating your business. This is called forced liquidation.

Corporate tax is the tax that represents a country’s main source of income  and UK companies pay on their taxable profits,  while income tax is a type of tax levied by the state on a person’s income, such as salaries and wages.

As long as no money is withdrawn from the company and a company is closed. You do not have to pay corporation tax. No shares can be sold during their dormant period, there are no dividends, income, or capital gains taxes.

If you like to get our corporate tax consulting services or know more about it, we invite you to contact us. We will inform you not only completely about our services, but also give you an idea how we can help you in this regard.

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