Company accounts: How to prepare

PUBLISHED: 06:00 23 March 2016

Company accounting is very important

Company accounting is very important

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Businesses are being warned by accountants Haslers to prepare their company accounts on time as new data shows that businesses in the UK have already been fined more than £65 million since April last year. The figures released by Companies House show that between April and December 2015 more than 140,000 penalties were issued to businesses. In comparison the whole of the 2014/15 financial year saw nearly 179,000 penalties issued, totalling fines of around £84 million.

All companies – large or small, trading or non-trading – must send their annual accounts at the end of their financial year.

Laura Ambrose, Partner at Essex-based accountants Haslers, said: ‘Every business in the UK, whether trading or not, must submit their annual accounts on time. Failing to provide them to Companies House will lead to an automatic penalty, which will only grow larger with time. While there is always the possibility to appeal, the majority of penalties are not cancelled and any appeal will place an additional financial and administrative burden on your business. Often the easiest option is to appoint a professional who can help you collate your accounts and submit them on time.’

If you would like assistance completing your annual company accounts, contact Laura Ambrose on 020 8418 3333

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