Statutory Accounts for Construction Businesses
Statutory Accounts for the construction industry! We are supporting construction businesses across the UK with annual accounts
Read MoreStatutory Accounts for the construction industry! We are supporting construction businesses across the UK with annual accounts
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Saint Accountants specialises within the construction industry assisting construction businesses statutory accounts, tax preparation, advice, registered office services and bookkeeping.
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If you own a limited company in the UK, it is important to understand what statutory accounts are and how they work. Statutory accounts are the financial statements of the business that limited companies have to prepare and file with HM Revenue and Customs (HMRC) and Companies House every year.
Statutory Accounts or also known as “Financial Accounts”, “Annual Accounts” or “Year-end Accounts” are a set of financial statements to show your company’s financial performance and position. Statutory Accounts consist of a profit and loss report for the year and the Financial Position of the Company (Balance Sheet). These statements will be used to prepare the company tax return for the year and calculate your corporation tax liability.
- You are a director for a limited company
- Your company is active or trading
- Your accounts are due
You are required to prepare and file your statutory accounts within 9 months of the end of your financial year. Your financial year will usually be a 12 month period for accounting purposes, and it can start on any date. When you register your limited company, this will be when your financial year starts.
For example, if your financial year ends on the 31 December, you would need to file statutory accounts by 30 September the following year.
If your accounts are not filed on time, you may face penalties from Companies House and HMRC. The penalties for the late filing depend on how late the accounts are and how many times you have filed late returns in the past. For HMRC Accounts penalties click here.
In some cases, late filings can affect your company’s credit rating and reputation.
Preparing your statutory accounts is part of your obligations as a Director of a business and you need to ensure they comply with UK Accounting standards and regulations. To prepare accurate accounts you need to keep detailed financial records throughout the year, bookkeeping software such as Xero will help you maintain your records.
It would also be highly recommended to work with a qualified accountant who specialises within your industry to help you prepare and file your accounts. An accountant will help you minimise your tax bills and help implement strategies to support the growth of your business for the years to come.
Every accountant is different and just like with any trade each specialises within different sectors! As always you want the best for your business so why should it be any different when you choose accountants, find an accountant that specialises within the construction industry.
We are an extension of your Finance Team!
We help our clients to understand their business position with access to a free business development manager and quarterly reporting! We only deal with businesses that are within the construction industry so you know you are in safe hands.
We proactively try to complete your tax returns and accounts within 4 - 6 weeks of receiving the relevant information so you can be in the best position as possible around your tax affairs. We don’t wait until the filing deadline to make things happen.
We actively pursue every legal avenue we can to always make you as tax efficient as you can be. In most cases your investment is covered by the amount we save you!
We are constantly thinking about what’s next - No more running around last minute trying to get things ready for HMRC or worrying about any possible fines!
Handing over your requirements to an accountant should provide you peace of mind that you are in safe hands. This is why we really strive to understand you and your business & build a trusting and lasting relationship with you. We put the client first in everything we do.
Many construction businesses come to us as they feel like they should be getting more from their accountants... and you should be!
At Saint Financial Group we are able to provide businesses with a wide selection of services. Our sophisticated solution allows your business the breathing space for you to take the business to the next level.
Not getting what you want out of business? Whether you are looking to grow or regain control of your business, get in touch for have a no-obligation chat.
No stress, no commitment, just a friendly call with one of our business development managers. Nothing but meaningful and free advice.
We can give you all the advice in the world, it's your action that makes it's it work. Partner with Saint and succeed!