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Year end accounts & corporation tax for beginners

Year end accounts & corporation tax for beginners

When setting up a new business, there are a few ways to structure it. One popular option is to form a Limited Company. Many choose this to keep the legal liabilities of the business separate from the person who actually owns it. Forming as this sort of company does come with some specific requirements though. Year-End Accounts & Corporation Tax are high on this list and are something all Limited Companies must get to grips with. If you are new to owning a business though or do not have much experience with this type of company, it may seem daunting. The key is finding out more about both these accounting requirements, so you can prepare to handle them.

Year End Accounts for beginners

These accounts are pretty much as they sound! They are a set of accounts that all Limited Companies must submit to both HMRC and Companies House each year. This is because a Limited Company has to be formally registered as a separate legal entity with Companies House. As a result, they need to have a copy of your annual accounts as well. The key takeaway is that you must get them submitted on time to both places and they must be 100% accurate. Missing deadlines will bring late fees and incorrect reporting could trigger an investigation into your accounting.

Corporation Tax 101

But what about Corporation Tax? This is basically the tax Limited Companies pay to HMRC, based on their annual turnover. It is essentially the corporate version of self-employed individuals paying income tax to HMRC. The key document here is a CT600 company tax form. This must be completed accurately and in full so that the correct level of tax is paid by the business. The CT600 form only needs submitting to HMRC and not to Companies House as well.

Get professional help with Year End Accounts & Corporation Tax

Finding time to keep on top of your accounts, hit reporting deadlines, stay abreast of new legislation and complete returns is not easy. Very often, trying to do all this and run your business leads to costly mistakes and lots of stress! Here at Taxcare Accountancy, our team of professional accountants can help make handling Corporation Tax and Year End Accounts much simpler. We will get in touch well ahead of any looming deadlines to request the information we need to prepare accurate accounts on your behalf. Get in touch at [email protected] for a chat.

Affordable Pay-monthly Packages

We offer a full range of services to limited companies, solo trader, partnership, charity, LLP, CIC as well as individuals. We have arranged our services into easy to choose packages that suit your needs.

Start-up
£ 50  / Month (+VAT)

This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Assisting with correspondence from HMRC and Companies House
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 80K
Limited Company
£ 100  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
Company Pro
£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
Let's talk.  / 

This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

  2. Tax Investigation
  3. Business Legal Support
  4. Company Formation
  5. Business Mentoring
  6. ARA accounting services for ATOL & ABTA travel companies

    Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate. 

Taxcare Accountancy was formed to provide Small & Medium Businesses with an affordable, proactive and professional accountancy services…