Company Accounts & Corporation Tax for Contractors
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Contractor Company Accounts & Corporation Tax
Pearl Accountants are specialist Chartered Accountants for Contractors, Businesses, and Freelancers.
Company Accounts & Tax Compliance
Our team of expert accountants will ensure compliance of your company accounts and corporation tax. Company Accounts must be filed with HMRC annually with the objective of reporting the financial position of a Limited Company.
An accountant will prepare and file your company accounts at the end of your company’s financial year which must be submitted to:
- Companies House
- HMRC
- Shareholders
Company Tax Return
A Limited Companies is obliged to file a Company Tax Return (CT600) to HM Revenue and Customs (HMRC) when it files its Company Statutory Accounts. Various information must accompany the Company Tax Return. This includes information as to how your Corporation was worked out and a Profit & Loss Account. Please note that this is different from the Profit & Loss account filed with Statutory Company Accounts.
Professional Advice
It is advisable to gain advice from a qualified chartered accountant. The advice that they will provide will help you minimize your tax burden and provide you with the best strategy to plan for your corporation tax. Pearl Accountants are qualified Chartered Accountants with expertise in Contractor Accounting and our proactive tax planning with help you minimise the impact of any tax burden.
Statutory Company Accounts
Company Accounts depending on the size of the company need to be prepared and filed in different ways. There are 5 types of Limited Companies that exist in the UK. They include the micro-entity company, a small business, a medium business, a large company and a dormant company.
Statutory Company accounts should provide an overall picture of the business activity to help all relevant stakeholders of the company make informed business decisions.
Statutory Company Accounts should include the following:
- A Balance Sheet
- A Profit & Loss Account or Income Statement
- A Directors report
- A Cash Flow Statement
- Relevant Account Notes
- An Auditor’s Report
Meeting Deadlines
Timely account filing is the best way to meet deadlines. These deadlines are determined by your company’s year-end date or accounting reference date and are different for Private Limited Companies (LTD) and Public Limited Companies.
Your company’s accounting reference date is automatically set from the company’s first anniversary taken on the last day of the month in which you first formed the company. For example, if you formed your company on the 10th of October 2014, then automatically your accounting reference date would be the 30th of October 2015.
Deadlines for Private Limited CompaniesCompany Accounts Deadline 1st Accounts due to Companies House 21 Months from date of Company Formation Annual Accounts due to Companies House 9 Months from Company’s Financial Year End Corporation Tax Deadline File Company Tax Return (CT600) 12 Months from Accounting Period Pay Corporation Tax) 9 Months and 1 day from ‘accounting period’ for Corporation Tax
| Company Accounts | Deadline |
|---|---|
| 1st Accounts due to Companies House | 21 Months from date of Company Formation |
| Annual Accounts due to Companies House | 9 Months from Company’s Financial Year End |
| Corporation Tax | Deadline |
| File Company Tax Return (CT600) | 12 Months from Accounting Period |
| Pay Corporation Tax) | 9 Months and 1 day from ‘accounting period’ for Corporation Tax |
Penalties
Statuatory Accounts | |
| Time after the Deadline | Penalty |
|---|---|
| Up to 1 month | £150 |
| 1 to 3 Months | £375 |
| 3 to 6 Months | £750 |
| More Than 6 Months | £1500 |
Corporation Tax Returns | |
| Time after the Deadline | Penalty |
|---|---|
| 1 Day | £100 |
| 3 Months | Another £100 |
| 6 Months | HM Revenue and Customs (HMRC) estimate Corporation Tax bill and add 10% penalty to unpaid tax |
| 12 Months | Another 10% on Unpaid Tax |
Contractor Accounting Services
Pearl Accountants are Specialist Contractor Chartered Accountants. We will provide you with professional advice as well as preparing and filing all necessary accounts in the correct format in a timely manner to ensure that you never pay a penalty due to missed deadlines.
Moving to Pearl Accountants
The transfer of your preceding years’ accounts and all your accounting data is an easy process as this can be input straight into the online accounting software of your choice. Our team of expert accountants will ensure that the transition is a smooth one. A dedicated accountant will also be available to provide you with advice and assess all your accounting needs.Our Dedicated Accounting Services include:
- Preparation and filing of Annual Accounts
- Preparation and filing of Corporation Tax Returns
- Filing with Companies House
- Filing with HMRC
- Filing Annual returns
