Stage 9 – How to submit your accounts and company tax returns
At the end of each financial year for your company you will have to submit accounts and tax returns to Companies House and HM Revenue and Customs. These must be submitted with nine months of the company year end.
You will need to ensure that you have provided your accountant with all the financial records to prepare the accounts and tax returns for you. This should be done as soon as possible after the financial year as ended.
Once you have been sent the accounts to check by your accountant you will need to be able to check them to see if you are happy for them to be submitted.
The profit and loss account or trading income statement as it may be called shows the income and expenses that your company has made during the year, this is normally found at the end of the accounts. This is probably one of the first places that you will look in the accounts to see how much profit you made and how much tax is due.
The balance sheet or the statement of financial position will be shown in the middle of the financial statements and will give a snapshot of the company at the date of the accounts. This will show the money in the bank account and if the company owes or is owed money at the end of the financial year.
Once you have checked the accounts you will want to have a discussion with your accountant to resolve any queries that you have and then you can agree to submit the accounts.