Annual Compliance - Limited Company

Limited Company

As a limited company, your annual requirements include:

Filing of annual accounts at Companies House

Accounts and documents that are filed with UK Companies House are available for public inspection in the UK.

A subsidiary must prepare and file a copy of its financial statements in accordance with UK GAAP or IFRS every year. The type of accounts depends on the company’s type and size, and whether it is dormant or trading.

Typically, the accounts must be filed within nine months of the company’s financial year-end (this may differ in the first year).

Key consideration: Does the company require an audit in the UK?

The requirements for an audit in the UK are not straightforward and you should check carefully whether an audit is required so that you can plan for this well in advance.

If a group as a whole (i.e. on a consolidated basis), exceeds two or more of the following thresholds then an external audit of the UK company’s financial statements will be necessary:

• Turnover of more than £10.2m
• Balance sheet total of more than £5.1m
• More than 50 employees

For more information on audit requirements please read our Spotlight on article.

This summary is intended as a guide to this topic. Further advice should be taken.

Corporation Tax compliance

UK businesses currently pay 25% Corporation Tax on their taxable profits. All businesses must submit a Corporation Tax return at HMRC within 12 months of the year-end. A computation of the tax liability should also be submitted with the return.

Corporation Tax must be paid within nine months of the company’s accounting year-end.

Other Companies House filings

A limited company/subsidiary is also required to submit an Annual Confirmation Statement each year at Companies House. This is in respect of information such as the company’s officers, PSCs (People with Significant Control), Registered Office address and shareholders.