At GM Professional Accountants, we specialise in providing professional Annual Accounts Preparation services to businesses of all sizes. As small business accountants in London, we understand the importance of accurate records, especially for VAT registered companies and SPV property companys requiring Companies House filing.
Keeping your financial records accurate and compliant with UK regulations is essential for meeting your legal obligations, including Corporation Tax Return requirements, and for understanding your business’s performance.
Our team of expert accountants ensures that your annual accounts are prepared efficiently, accurately, and on time. We also support ongoing bookkeeping to give you peace of mind and more time to focus on growing your business.
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Annual accounts (or year end accounts) provide a comprehensive summary of your company’s financial performance over a financial year. These include key documents such as:
Profit and Loss Statement: Shows your income, expenses, and overall profitability.
Balance Sheet: Summarises your company’s assets, liabilities, and equity.
Notes to the Accounts: Provides further insights into your financial statements.
These accounts are a legal requirement for all limited companies in the UK. As small business accountants in London, we ensure your annual accounts meet all statutory obligations, including Companies House filing for SPV property companys and Corporation Tax Return submissions to HMRC. Our service is fully compliant and ideal for VAT registered businesses, with integrated bookkeeping support to keep your records accurate and up to date.
When are annual accounts due?Limited companies in the UK face two separate filing deadlines each year, one with Companies House and one with HMRC, and missing either results in an automatic penalty. | ||||||||||
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| Companies House issues an automatic financial penalty the moment a deadline is missed, and the penalty increases the longer the accounts remain outstanding. Persistent late filing can also lead to director disqualification or compulsory strike-off, regardless of whether the company traded during the year. |
Which reporting standard applies to your business?Most small and micro businesses in London and Essex file under one of two standards, and choosing the right one affects how much detail your accounts need to include.FRS 105 applies to micro-entities, generally businesses with turnover under 632,000 pounds, and allows a simplified filing with minimal notes and no director’s report requirement.FRS 102 Section 1A applies to small companies above the micro-entity threshold and requires a fuller set of notes, giving more detail on accounting policies, related party transactions, and fixed assets. We confirm which standard applies to your business before we start preparing your accounts, so nothing is filed under the wrong framework. Annual accounts alongside your wider tax positionAnnual accounts rarely sit in isolation. Construction businesses need their accounts to reflect CIS deductions and retentions correctly. Property investors running accounts through a limited company need their year end figures aligned with their wider SPV property accounting position. Growing businesses often move from a simple annual filing into full small business accounting support as their reporting needs increase, and healthcare professionals working through a limited company structure benefit from accounts prepared by a team already familiar with locum and healthcare accounting.We prepare your annual accounts with your full tax position in view, so the figures you file support your Corporation Tax return rather than creating extra work at that stage. |
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Don’t let the stress of year end accounts weigh you down. Let GM Professional Accountants, trusted small business accountants in London, handle everything from preparation to Companies House filing and Corporation Tax Return submission so you can focus on what you do best running your business.
These are just some of the benefits our clients are enjoying with GM Professional Accountants
