Beth Lunn is a licensed accountant working with a range of clients on their tax and accounting needs for Paul Beare Ltd. She explains the process of preparing UK Statutory accounts and Corporation Tax (CT) returns and why it’s important to get it right.
If you’re a business setting up in the UK, then there are some basic accounting and compliance regulations that you must follow. As it stands, all UK companies are required to file with Companies House annually and a corporation tax return to the UK’s tax authority, HMRC.
These are due no later than 9 months after your year-end. That means companies with a 30 June 2022 year end will see their accounts due by 31st March 2023. It’s important to know that for companies that don’t file on time a penalty is applied. Failing to comply with this can lead to the business eventually being struck off the register of companies.
