Annual Accounts & Corporation Tax Returns for Hertfordshire Businesses
Every UK limited company must prepare statutory annual accounts and file a Corporation Tax return (CT600) with HMRC each year, regardless of whether the company made a profit. These obligations are not optional — failure to file on time results in automatic Companies House penalties, HMRC surcharges, and in serious cases, the company being struck off the register.
At CoreAcc, we handle the full annual compliance cycle for limited companies across Hertfordshire and North London — from preparing your statutory accounts under FRS 105 or FRS 102, through to filing with both Companies House and HMRC on time, every time. And unlike firms that treat year-end compliance as a box-ticking exercise, we use the process as an opportunity to review your tax position and identify planning opportunities for the year ahead.
What's Included in Our Annual Accounts Service
- ✓Preparation of statutory accounts in accordance with UK GAAP (FRS 102 or FRS 105 for micro-entities)
- ✓Full profit and loss account, balance sheet, notes to the accounts, and directors' report
- ✓Filing of accounts with Companies House within the statutory nine-month deadline
- ✓Preparation and filing of the Corporation Tax return (CT600) with HMRC
- ✓Corporation Tax computation — identifying all available deductions, reliefs, and allowances
- ✓Capital allowances review — ensuring full use of the Annual Investment Allowance (AIA) and full expensing
- ✓R&D tax credit assessment — flagging whether your business may qualify
- ✓Director sign-off process — we guide you through reviewing and approving the accounts
- ✓Clear summary of your tax liability and payment dates provided well in advance
- ✓Filing confirmation sent as soon as both Companies House and HMRC submissions are complete
Corporation Tax Rates and What You Owe
From April 2023, the UK Corporation Tax regime changed significantly. The main rate is now 25% for companies with profits over £250,000. A small profits rate of 19% applies to companies with profits up to £50,000. Companies with profits between £50,000 and £250,000 pay an effective rate between 19% and 25% (the marginal relief band). Where a company has associated companies, the thresholds are divided accordingly.
Understanding your position within these bands — and planning to minimise your liability through pension contributions, capital expenditure, and other legitimate methods — is a core part of the advice we provide alongside your annual accounts.
What Happens If Accounts Are Filed Late?
Companies House automatic penalties for late filing are:
- Up to 1 month late£150
- 1 to 3 months late£375
- 3 to 6 months late£750
- More than 6 months late£1,500
These penalties double if your accounts are late two years in a row. In addition, HMRC charges a £100 penalty for a late CT600, rising to £200 for returns more than three months late, plus a 10% surcharge on any unpaid tax. Repeated late filing can also trigger a full HMRC compliance review. CoreAcc operates a proactive deadline management system to ensure our clients never face these penalties.
Beyond Compliance: Making Year-End Work for You
We believe the annual accounts process should generate value — not just compliance. At each year-end, we conduct a structured review that considers:
- ✓Whether your current business structure is still optimal for tax efficiency
- ✓Whether there are capital allowances or reliefs you haven't claimed
- ✓Whether your director's salary and dividend strategy should be adjusted for the new tax year
- ✓Whether pension contributions should be made before the year-end to reduce Corporation Tax
- ✓Whether any inter-company transactions (loans, management charges) need to be reviewed
- ✓Your upcoming payment on account obligations and how to manage cash flow around them
Frequently Asked Questions
When do I need to file my annual accounts?
Private limited companies must file their accounts with Companies House within nine months of the end of their accounting period. For a company with a 30 April year-end, this means accounts are due by 31 January the following year. For a 31 March year-end, the deadline is 31 December. HMRC requires the CT600 within 12 months of the end of the accounting period, with any Corporation Tax due nine months and one day after the year-end.
What is the difference between FRS 102 and FRS 105?
FRS 105 is the Financial Reporting Standard applicable to micro-entities — companies that meet two out of three criteria: turnover under £632,000, balance sheet under £316,000, fewer than 10 employees. FRS 105 accounts are simpler, with less disclosure required. FRS 102 Section 1A applies to small companies that don't qualify as micro-entities. We prepare accounts under the appropriate standard and advise you if your company is close to changing category.
Can CoreAcc take over from my existing accountant mid-year?
Yes. We handle the professional clearance process on your behalf, contacting your previous accountant to obtain all records, working papers, and outstanding information. We also update HMRC agent authorisations. In most cases, the transition is seamless and clients notice no disruption to their compliance deadlines.
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