Filing annual Accounts

Accounting
1

Hi,
I see you have the ability to submit you Annual Companies House Return and also your Annual Company Accounts.

Do you have examples of the process involved in your system for both of these, either an example area that doesn’t actually submit anything or some screenshots of whats involved?

I currently have all my accountancy work completed by a certain company, which is fine but I just wondered about your process, what it involves from me and what gets completed and what doesn’t?

Many thanks

2

The Annual Companies House Return process is very simple. Before placing the order we will collect the following details:

  • Companies House authentication code
  • SIC Code (Industry classification)
  • Contact details in case we need to discuss any details regarding the order with you.

For Annual Accounts the process is a little more involving and will direct you through a series of checks on your account before an order can be placed. We have more detail on these pre-checks here.

The pre-checks are designed to ensure that for the accounting period you are filing, all bank opening and closing balances are correct, the P&L is correct and all bank transactions are tagged.

There are also a few more tick box questions to determine if the company has a Payroll, stock holdings or missing opening balances. This allows the accountant to detemine if any further supplementary information is needed to prepare the accounts and file the CT600 tax return.

3

Thanks Glenn, is there anything not included in these returns that would need to be completed by myself?

4

The list of features for the Annual Accounts service is as follows:

  • Preparation of the Financial Statements.
  • Reconciliation of Bank Accounts and Petty Cash.
  • Reconciliation of Fixed Assets.
  • Reconciliation of Debtors, Prepayments and other Current Assets.
  • Reconciliation of Creditors, Accruals and other Liabilities.
  • Reconciliation of PAYE and VAT Accounts.
  • Reconciliation of Income and Expenses.
  • Preparation and Online Submission of the Corporation Tax Return CT600 To HM Revenue & Customs.
  • Online Submission of Your Abbreviated Financial Statements to Companies House.
  • Calculation of Corporation Tax Liability.
  • Payment due dates and details on how to pay provided.

The accounts preparation is based on the information you have entered into your QuickFile account. Once the order is placed we will liaise with you to discuss any specifics about your accounts. Before the accounts and CT600 return is filed you will be able to review, ask any questions and sign-off.

If you are enrolled with HMRC for other taxes, e.g. CIS, payroll, VAT etc this service will not include the filing of other corresponding returns. Although these returns (if applicable) will likely have different deadlines.

5

Thanks Glenn, I am only 1 person (director) working for my LTD company, not VAT registered, so pretty simple I would think.
I’d do it myself if I had the time (and knew what i was doing, which I don’t). But thats why we pay people like you to do it ;o))

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6

Hi Glenn,

I have to ask for general interest who preforms the MLR function here and how do you manage it, as it is the bane of my life?

Kind regards,
Chris

7

In the past we used a tool hosted by CreditSafe for MLR/KYC checks, this negates the requirement to collect Identity documents and uses 3rd party data sources to verify the identity of the client. In most cases we can get a positive ID and failing that we’d rely on documents.

As we no longer directly prepare accounts for QuickFile users, it is our accounts provider that now perform these checks.

8

Hi Glenn,

Thanks for that. Might save me a lot of trouble in the future. :slightly_smiling:

Kind regards,
Chris

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9

Hi Glenn, I need to submit this return. I set my company up so should have everything you need. However, this authentication code has me stuck. On what document should I find this? So much paper, so much information, way too much for me to understand and keep track of!

Thanks for your help!

10

@kba if it’s the Companies House authentication code you require (this would be needed to e-file the Annual Return) then you should be able to retrieve this from your Company Formation agent.

11

@Glenn I am the company formation agent, and the company owner…it’s all me. Do you know on what piece of paper is this authentication code to be found? Thanks

12

You didn’t use a 3rd party company or file directly with Companies House in order to setup the LTD? How did you form the company? Paper application?

The Companies House authentication code is supplied at the point of incorporation. If you are no longer able to retrieve this then you would need to request that a new code be delivered to your registered office address. I can order a new code for you if you wish?

13

Just riffled through all my papers, and I think it’s found! Thanks for your help Glenn

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14

IF only the end of year reports and filing could be as easy as a VAT report and submission!!??

I would be in heaven if this was added. :-))

15

I think with the ongoing work on Making Tax Digital it will eventually become much easier. Under the MTD scheme you will file quarterly returns as you do with VAT, and then an end of year statement.

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