Many people run a business through a limited company to keep it separate from their own finances. If the company later gets into difficulty, then creditors will not be able to pursue the directors and shareholders personally unless they can prove misconduct on their part.
However, this protection comes with obligations, one of which is that information about the company and those involved with it is available to the general public. This information appears on the Companies House public register which can be found here After incorporation most filing at Companies House is triggered by specific events, such as a director resigning.However, there are two things that must be sent to Companies House every year regardless.
The first of these is the Confirmation Statement. This document summarises the company’s affairs, stating its official address, what it does and who owns and runs it. This must be filed at least every 12 months with the default reference date being the anniversary of incorporation. This should be filed within 14 days of the reference date. Failure to file on time can lead to Companies House taking action to remove the company from the register.
The second is the company accounts.These summarise the financial activity of the company, usually for a 12-month period and are required to be in a specific format. The amount of detail that must be shown on the public record varies with the size of the company. The larger it is, the more it must show in its publicly available accounts. These must be filed within 9 months of the accounts year end. Failure to file on time leads to fines which increase the longer they are delayed. We assist our limited company clients with both these annual filings so they can concentrate on their businesses.
If you would like us to help you with your company, please call us on 01892 807001.