Tribocon outsourced Annual and Management Accounting UK :
Outsource management accounting services – As in all matters, our approach is to provide as much or as little support as you feel you need. You will find us working with you, in order to gain a full understanding of your business and how you run/want to run it. You will then get the most appropriate service, which will be tailored to your needs.
We will recommend the optimal and most cost-effective services and set it up for you. You will receive from us, as much support as you feel you need. You can then call on us when you need to.
If you would rather not carry out the bookkeeping yourself, we can recommend a number of reliable and cost-effective bookkeepers. we can both work closely to relieve you and your staff from the burdens of in-house bookkeeping.
As well as year-end accounts, we are strong believers in the benefits of periodic management accounts, to enable you to monitor the performance and progress of your business. Management accounts are usually vital for limited companies that need to quantify their post-tax profits during the year, in order to enable them to declare a lawful dividend to the directors/shareholders. HM Revenue and Customs (HMRC) are very hot on excessive dividends being paid by companies. HMRC will often take action against companies where it is later shown, there are insufficient post-tax profits to support these dividends.
For sole traders and partnerships, you will receive, at a minimum, annual accounts. We will submit the figures to HMRC as part of the individual’s and partners’ self-assessment tax returns.
For limited companies, we produce and file with HMRC the full statutory accounts. We also file with Companies House shorter, abbreviated accounts.
After the accounts have been signed off, we will ensure that the year-end accounting adjustments are made to your accounting system so that it properly reflects the figures in the annual accounts.
For Limited companies, Charities, and Partnerships, we offer the:
- Review annual transactions
- Correct where necessary
- Computation of taxes
- Electronic filing with Companies House and HMRC
All businesses, even those not trading, are required by law to file the accounts every year.
Our services include:
- Check the accuracy of monthly transactions
- Bank account reconciliation
- Fixed Assets and Depreciation Journals
- Accruals and Prepayments Journals
- Posting of Payroll Journals
- Balance sheet reconciliations
- Variance Analysis against budget
- Management Account
- Presentation of Management Accounts to the business
Financial accounts are a historical record of your business’s performance over a past period – usually one year – for the benefit of external users such as shareholders, employees, suppliers, bankers, and authorities.
Financial accounts normally include the following elements.
Profit and loss account
This measures your business’s performance over a given period of time, usually one year.
It compares the income of your business against the cost of goods or services and expenses incurred in earning that revenue
This is a snapshot of your business’ assets (what you own or are owed) and your liabilities (what you owe) on a particular day – eg the last day of your financial year
Cash flow Statement
This shows how your business has generated and disposed of cash and liquid funds during the period under review. A cash flow statement is different from a cashflow forecast, which is used to predict the expected rises and falls in cash flow over the coming year.
Unincorporated businesses such as sole traders and partnerships are required by HM Revenue & Customs (HMRC) to maintain proper books and records to support annual income tax returns. These must be kept for a minimum of six years.
Company House Accounts
If you’re new to the business, you might not be familiar with Company House, but it’s important to understand what it is and how it functions for your business. We have all the Company House information you need to get started.
At Tribocon Outsourcing, we have many years of experience registering and filing with Company House. Our experts can help with all aspects of using Company House,
What is Company House? The Key Company House Information
Put simply, Company House is a government section within the Department for Business, Skills, and Innovation that manages the regulation and incorporation of limited companies and limited liability partnerships in the UK. It functions as the official registrar of companies in Northern Ireland, Scotland, England, and Wales. Company House is charged with inspecting and maintaining all information on limited companies and Limited liability companies. As such, it is essential that your company is registered.
Did you know that all the information registered with Company House is publically accessible to both the general public and other businesses? A simple online search can pull up information on registered companies, including yours. The service is all online and easy to use. Moreover, the online data is free, so anyone can easily search, inspect and monitor the ownership, reliability, and actions of companies based in the UK. Although this may seem a little daunting, the benefit is that it encourages corporate transparency; your customers and clients will be able to readily verify your credibility.
Company House services
Company House provides postal and online company formation services and maintains a detailed public register of all incorporated companies. However, Company House also offers other services, including electronic filing and data services for companies.
Company House’s web filing is a great resource for your business. Functioning as a substitute filing service, web filing allows limited companies to deliver documents and other information to Company House online, rather than through the post. How is this better for your business, though? Well, delivering your documents and information online is more effective and safer, not to mention significantly more cost-effective. Once you’ve sent your data and documents, you will also receive a confirmation email straight away, confirming that your submission has been received, so you can get on with your business.
What documents can be filed with Company House? The list includes:
- Annual accounts
- Annual returns
- Change of company details
- Shares allotment
- Inactive accounts
- Appointment and removal of secretaries and directors
- Copies of resolutions
To use this service, you will need to register with an email address and request a confirmation code.
Filing financial accounts
Limited companies are obliged by law to prepare a set of financial accounts each year and to file a copy with Companies House:
- private companies must file accounts within 21 months of the business formation, and within nine months of the end of each financial year thereafter
- public companies must file accounts within 18 months of the business formation, and within six months of the end of each financial year thereafter
Micro-entities, small and dormant companies
You may be able to send simpler accounts to Companies House and not need to be audited. This depends on whether your company is dormant or qualifies as a small company or a ‘micro-entity’.
You must still send statutory accounts to your members and to HM Revenue and Customs (HMRC) as part of your Company Tax Return if you’re a small company or micro-entity.
Your company is called ‘dormant’ by Companies House if it’s had no ‘significant’ transactions in the financial year that you’d normally report. Significant transactions don’t include:
- filing fees paid to Companies House
- penalties for late filing of accounts
- money paid for shares when the company was incorporated
Dormant companies that qualify as ‘small’ don’t need to be audited.
Your company will be ‘small’ if it has any 2 of the following:
- a turnover of £10.2 million or less
- £5.1 million or less on its balance sheet
- 50 employees or less
If your company is small, you can send abridged accounts to Companies House. Abridged accounts contain a simpler balance sheet, along with any notes
The balance sheet must have the name of a director printed on it and must be signed by a director.
Sending abridged accounts means less information about your company will be publicly available.
If your company is small, you can also:
- use the exemption so your company’s accounts don’t need to be audited
- choose whether to send a copy of the director’s report and profit and loss account or not
Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:
- a turnover of £632,000 or less
- £316,000 or less on its balance sheet
- 10 employees or less
If your company is a micro-entity, you can:
- prepare simpler accounts that meet statutory minimum requirements
- send only your balance sheet with less information to the Companies House
- benefit from the same exemptions available to small companies
Penalties for late filing
You’ll have to pay penalties if you don’t file your accounts with Companies House by the deadline.
|time after the deadline
|Penalty (for private
Up to 1 month
1 to 3 months
3 to 6 months
More than 6 months
Penalties for public limited companies are different.
The penalty is doubled if your accounts are late 2 years in a row.
You can be fined and your company struck off the register if you don’t send Companies House your accounts or confirmation statement.
If you want to appeal a penalty you must give a reason why you couldn’t file your accounts on time.
You must prove the circumstances were both out of your control and made it impossible for you to meet the deadline, for example a fire destroyed your records a few days before your accounts were due.
You can’t appeal by claiming:
- your company is dormant
- you can’t afford to pay
- it was your accountant’s (or anybody else’s) fault
- you didn’t know when or how to file your accounts
- your accounts were delayed or lost in the post
- the directors live or were traveling overseas