As a director of a UK limited company, you are legally required to prepare and file annual accounts at the end of each financial year. These financial reports give Companies House a comprehensive summary of your company's trading activity. Filing your accounts accurately and on time keeps your business compliant and helps you avoid costly late-filing penalties. You can easily view your necessary financial reports directly inside the app. 📊
What is included in annual accounts?
For small companies, your annual accounts provide a snapshot of your financial health and typically consist of three main elements:
A balance sheet: This shows the financial value of everything your company owns, owes, and is owed on the very last day of your financial year. You can view this live in the app by heading to the Accounting tab.
A profit and loss report: This summarises your company's sales, day-to-day running costs, and the overall profit or loss made across the entire financial year. This is also available under your Accounting tab.
Notes to the accounts: These provide extra contextual details about your company's financial performance to ensure complete transparency. ⚖️
When are annual accounts due?
Your strict filing deadlines depend on whether your business is brand new or already established:
Your first year: Your first set of annual accounts must be submitted to Companies House within 21 months of the exact date your company was incorporated.
Future years: For all subsequent years, your accounts are due within 9 months of your company's financial year-end date.
⚠️ Important: Companies House imposes strict, automatic financial penalties for late submissions. These fines increase significantly the longer your accounts remain overdue, so it is vital to stay on top of your timeline.
First year vs future years: The 12-month tax rule
Submitting your annual accounts in your first year of trading works a little differently than in later years because of how your company's accounting dates line up:
First year of trading
Your first set of accounts will usually cover slightly more than 12 months. This is because they start on the exact day you set up your company and end on your official accounting reference date (the last day of the month your company was incorporated).
For example, if you registered your company on 11 May, your first financial year will officially end on 31 May the following year. This means your first accounts must cover 12 months and 3 weeks of business activity.
Because an official HMRC Corporation Tax return cannot cover more than 12 months, you may need to file two separate tax returns to cover this initial extended period. If this happens, you will also have two separate tax payment deadlines to track. 📅
Future years
From your second year onwards, the process becomes much simpler. You will usually file just one set of accounts and submit a single Corporation Tax return that perfectly matches your standard 12-month financial year (for instance, running from 1 June to 31 May).
How to file your accounts
When you are ready to complete your annual obligations, follow these steps to file seamlessly:
Gather all of your financial records, including invoices, receipts, and bank statements for the relevant financial year.
Review your financial position using the Accounting tab in the app to make sure your records are tidy and fully categorised.
Submit your completed figures to Companies House. Filing online is the fastest method and provides you with instant submission confirmation.
You can securely submit your paperwork by logging into the official GOV.UK company accounts filing service. 🖥️