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Accounts must be prepared in accordance with Generally Accepted Accounting Practice (GAAP)
Accounts must be prepared in accordance with Generally Accepted Accounting Practice (GAAP)
Company law requires company accounts to be compiled in accordance with GAAP. The rules change from time to time, so we recommend that you hire an accountant to process your accounts.
If you want an accountant to prepare statutory year-end accounts and company tax returns (CT600). As long as you keep an accurate and complete record, all you need is to send us your information. We'll do the following:
Prepare the year-end accounts for HM Revenue Custom
Prepare the year-end accounts for Companies House
Complete CT600 Corporation tax return
Submit the accounts and tax return online to HMRC
Submit the accounts online to Companies House
Small companies audit exemption
Small companies audit exemption
Most small companies (excluding Group members, charities, etc.) do not need to audit their accounts if two of the following three criteria are met.
Audit exempt criteria:
Small companies and LLPs
1. Annual turnover not more than £10.2 million
2. Balance sheet total not more than £5.1 million
3. Number of employees not more than 50 on average
Small Groups and LLPs
1. Aggregate annual turnover not more than £10.2 m (net) or £12.2 m (gross)
2. Aggregate Balance sheet total not more than £5.1 m (net) or £6.1 m (gross)
3. Aggregate number of employees not more than 50 on average
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