How to File Company Accounts: A Guide for Limited Companies

Filing company accounts is more than a formality–it is an obligation with real financial ramifications. Companies House issued approximately 296,000 late filing penalties totalling £159.2 million in 2023/24 alone!

Beyond fines, late and inaccurate accounts can damage credibility with banks, suppliers, investors and even trigger legal enforcement action.

Filing taxes on time is more manageable than ever once you understand all of the steps, timelines and potential pitfalls involved.

This guide breaks down everything you need to file confidently. How to work out your deadline, what records you need, which formats apply (micro, small, or full accounts), how to use the Companies House online services, and the checks to run before you hit “submit.” 

We’ll also cover practical tips—like planning your internal cut-offs for bookkeeping and audit, setting reminders, and what to do if circumstances beyond your control threaten a delay.

Understanding Company Accounts

Let’s first go through the types of limited companies, accounting standards, and role of financial statements. 

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Types of Limited Companies

There are several types of limited companies, including:

• Mmicro-entities
• Small companies
• Medium-sized companies
• Dormant companies
• Partnerships

Each type of company has different requirements when it comes to filing their accounts. Learn more about accountancy services for partnerships and limited liability partnerships, which can have specific structures.

What Are Accounting Standards?

Accounting standards are sets of principles and rules which outline how financial statements must be prepared. It helps ensure accuracy, consistency and comparability across businesses. Some of the major Frameworks found in the UK include:

• GAAP (Generally Accepted Accounting Practice): Used most often by small and mid-sized companies. 
• IFRS (International Financial Reporting Standards): Required for publicly listed companies but often adopted by larger organisations for global consistency.

Financial Statements Overview

Your financial statements must align with relevant accounting standards and be filed with Companies House. They Include:

Your financial statements must get in line with the fitting accounting standards and be filed with Companies House. It includes:

• Profit and Loss Statements: Compile your income and expenses over a specific period, showing profitability. 
• Balance Sheet: You must provide an overview of all your liabilities, assets, and equity on a given date. 
• Cash Flow Statements: Track your cash inflows and outflows over a set period to highlight liquidity. 

Typically, a 12-month financial year for which accounts are prepared.

Legal and Filing Requirements

Staying compliant with Companies House and HMRC is a legal obligation for all limited companies. Non-compliance can lead to fines, penalties, and even the risk of being struck off the Companies House register. Here’s what you need to know:

Key Filing Obligations

1. Annual Accounts
   • Must be prepared in line with the Companies Act 2006 and relevant accounting standards (e.g., UK GAAP or IFRS).
   • Filed with both Companies House and HMRC.
   • Deadlines:
     • Private companies: 9 months after the accounting reference date.
     • Public companies: 6 months after the accounting reference date.
2. Company Tax Return (CT600)
   • Filed with HMRC within 12 months of the end of the accounting period.
   • Includes details of income, expenses, and taxable profits.

Filing Deadlines and Penalties

• Annual Accounts Late Filing Penalties (Private Companies):
  • Up to 1 month late: £150
  • 1-3 months late: £375
  • 3-6 months late: £750
  • Over 6 months late: £1,500
• Company Tax Return Late Filing Penalties:
  • Initial penalty: £100
  • Additional penalties: £10 per day after 3 months (up to 90 days).

Upcoming Changes (Effective April 2027)

• Mandatory Software Filing:
  All companies and LLPs must file accounts using commercial software with iXBRL tagging. Paper and web-based filing will no longer be accepted.
• Streamlined Filing for Small and Micro-Entities:
  • Micro-entities must file both a balance sheet and profit and loss account.
  • Small companies must file a balance sheet, directors’ report, auditor’s report (if applicable), and profit and loss account.
  • Abridged accounts will no longer be allowed.

Preparing for Filing

When it comes to filing your company accounts, preparation is key. Here are some steps you can take to ensure a smooth and stress-free filing process.

1. Determine Your Accounting Reference Date (ARD)

• The ARD aligns your company’s financial year and sets your filing deadline.
• Mark this date on your calendar and plan ahead to stay on track.

2. Gather Financial Information

• Collect key financial data, including:
  • Turnover, assets, and liabilities.
  • Balance sheet and profit and loss account.
• Professional bookkeeping services can help you stay organised and accurate.

3. Choose the Right Accounting Software

• Use software that’s compatible with Companies House and supports iXBRL tagging (mandatory from April 2027).
• Ensure it meets your business needs and simplifies report generation.

Overall, by following these steps and ensuring that your financial information is accurate and up-to-date, you can file your company accounts with ease and confidence.

Filing Process

When it comes to filing your company accounts, there are two ways to do it: online or by post. In this section, we’ll go over both methods and the deadlines and penalties associated with them.

1. Online Filing

• The fastest and most efficient option.
• Requires an authentication code and accounts in iXBRL format.
• Submit directly through the Companies House WebFiling service.

2. Paper Filing

• Download and complete forms from the Companies House website.
• Send the completed forms by post.
• Slower processing time and a higher risk of errors compared to online filing.

Tips to Avoid Penalties

• File your accounts well before the deadline to avoid last-minute issues.
• Double-check all information for accuracy before submission.

To avoid late filing penalties, make sure you file your accounts on time. Set a reminder well in advance of the filing deadline to give yourself plenty of time to prepare and submit your accounts.

Exemptions and Simplified Filing for Limited Companies

Some limited companies may qualify for exemptions or simplified filing options with Companies House. Here’s what you need to know:

Exemptions from Filing Accounts

• Subsidiaries: If your company is a subsidiary and its parent company guarantees its liabilities, you may not need to file accounts.
• LLPs: Dormant LLPs or LLPs with a turnover below £10.2 million may also be exempt from filing accounts.

Simplified Filing Options

• Abbreviated Accounts: Shorter versions of full accounts with limited disclosures.
• Abridged Accounts: Include fewer disclosures but still meet legal requirements. (Note: Abridged accounts will no longer be allowed from April 2027.)

Even if eligible for exemptions or simplified filing, it’s crucial to meet all deadlines to avoid penalties. Stay organised and ensure your company’s filing requirements are up to date.

After Filing

Filing your company accounts is a key step, but your responsibilities don’t end there. Here’s what to focus on after submission:

1. Review and Amend, if Necessary

• Accuracy Check: Once filed, review your accounts to ensure they are accurate and complete.
• Amendments: If you spot errors or omissions, act quickly to file revised accounts. Time limits apply for making amendments, so don’t delay.

2. HMRC and Tax Responsibilities

• Company Tax Return: File your Company Tax Return and pay any Corporation Tax due.
• VAT and Payroll: Ensure VAT returns are submitted and payroll is managed in compliance with regulations.
• Deadlines Matter: Late filings can result in penalties, so stay on top of all tax obligations.

By staying proactive, reviewing your accounts, and meeting all tax obligations, you can keep your business compliant and avoid unnecessary penalties or complications.

Additional Considerations

Filing company accounts can involve additional complexities depending on your company type, size, and operations. Here are key considerations to keep in mind:

1. Audits and Auditors

• Public limited companies and large private limited companies typically require audited accounts.
• Smaller private companies may qualify for exemptions.

2. Shareholders and International Companies

• Provide accurate details about shareholders and directors, including ownership and compensation.
• Companies operating in multiple countries must comply with each jurisdiction’s accounting standards.

Stay Compliant

Filing your company accounts can seem daunting, but it doesn’t have to be. Whether you choose to file online or by post, ensure that you do so on time to avoid penalties. 

Keep a record of your filing deadlines and ensure you have all the necessary information and documentation before you start. If not sure about anything, consult a financial professional for the best solution