Put simply, ‘compliance’ is the process of making sure that your company is following the laws and financial regulations that apply to your particular business. Typically, you will need to report to Companies House and also HM Revenue & Customs (HMRC). The rules can vary slightly, depending on the type of company formation you have chosen (e.g. partnership, limited company or sole trader) and also on the size of your annual turnover.
This is the maintenance of your company’s statutory records. This is usually performed electronically and records all the important changes such as the appointment or termination of directors, dividend recording and share allotment. Our dedicated team can ensure your documents are filed with Companies House as deadlines arise.
Every company must file a confirmation statement with Companies House at least once a year. Formerly known as an annual return, the statement confirms that the information held about your company is up to date. It’s important to know that is a criminal offence not to file your statement within 14 days of the ‘review period – the anniversary of your date of incorporation.
The process of recording the day-to-day financial transactions of your business. Records of sales, purchases, receipts, and payments are all documented. All your transactions – both cash and credit and miscellaneous costs (such as petty cash) have to be recorded. A good system of bookkeeping means your tax returns and annual accounts will be so much easier to do. Using cloud-based software is not only more secure but less time-consuming.
Annual accounts, sometimes known as ‘financial accounts’, ‘company accounts’ or ‘statutory accounts’ is the financial information required by HM Revenue & Customs (HMRC) to determine your Company Tax return.
Including compiling annual accounts for tax purposes and ensuring the regulations for specialist schemes are met.
Any business that fails to provide the correct information on time to Companies House could receive a hefty financial penalty or even be struck off the register. With our team by your side, we can help mitigate against these risks.
Our compliance experts are able to take care of all the financial and regulatory red tape on behalf of your business. In short, we will make sure everything is in the right format, in the right place and at the right time.