Annual Return vs Annual Account/Report

Annual Return vs Annual Account/Report

Annual Return

 

  • Essentially it is a snapshot of your company’s information and its overall make up.
  • So it will contain the general information on your directors, secretaries and also their business addresses.
  • It will also contain the information on the company’s shareholding and its overall share capital.
  • It must be filed every 12 months – even if your company isn’t currently trading.
  • You must file your annual return within 28 days of your due date.
  • If an Annual Return is not filed Companies House will simply strike your company off their register.
  • Annual Returns can be done in a few ways: You can do it by yourself, with the help of an accountant, or HMRC (relevant department) can do it for you.

 

Annual Account/Report

  • This looks at different factors of your company.
  • Rather than assessing your company’s initial information, Annual Accounts instead take a closer look at your company’s financial records.
  • Typical Annual Account’s will contain key information such as profit and losses; a directors report; an auditor’s report and some kind of balance sheet detailing the business assets or any debts that it might have to pay.
  • Annual Accounts must be filed at least once every 12 months – even if your company is not trading.
  • If your company is dormant/non-trading then you have to file something called Dormant Company Accounts. 
  • A company’s first set of accounts should be delivered no later than 21 months after formation.
  • It also needs go to HMRC as a part of your Self-Assessment Tax Return.
  • A description of the accounting activities seen within the report for example, a description of the principles used for determining the accounting items in both the income statement and the balance sheet. Information on the events that have influenced the company’s accounting throughout the year

 

 

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