Financial statements in England

Financial Reports in England: What a Company Owner Needs to Know

Legislation in England, like any other European country, requires business owners to pay taxes promptly and submit appropriate financial reports. In this article, we will help you understand the intricacies of accounting and auditing in England.

How to Properly Handle Accounting and Auditing in England?

Preparing and submitting reports in England requires precise adherence to filing deadlines and in-depth knowledge of business auditing and the country's tax requirements for business owners.

According to the Companies Act 2006, Part 15, business owners are required to annually provide the following financial reporting documents:

• Tax declaration (Tax);
• Financial report (Account).

These reporting documents must be submitted to organizations such as:

• Companies House;
• HMRC (Her Majesty's Revenue and Customs).

When Should Financial Reporting Be Submitted in England?

Financial reporting in England must be submitted on time, as filing deadlines are strictly regulated. Thus, the annual financial report must be submitted no later than 9 months after the end of the company's reporting period for the past year.

Penalties are imposed for late tax return filing, ranging from 10% to 20% of tax liabilities.

It is important to remember to keep all bank statements and copies of financial reports for the previous year, as you will be required to provide them upon request from the relevant tax authorities.

What Points Should Be Considered When Organizing Auditing in England?

When organizing an audit in England, it is important to consider that depending on your company's annual turnover, financial reporting in England may take several forms:

• Audited Accounts;
• Non-audited Accounts;
• DCA (Dormant Accounts).

The financial report in England should include the following information about your company's activities:

• Company information;
• Director’s report;
• Accountants’ report;
• Auditors’ report;
• Profit and Loss Account;
• Balance Sheet;
• Management information;
• Notes.

How to Properly Organize the Auditing of Companies in England?

To timely submit all the necessary and correctly prepared reporting documentation to the relevant authorities, it is important not only to have a high level of proficiency in English but also to have a good understanding of all the intricacies of accounting and auditing in England. In this regard, it is important to seek the support of highly qualified specialists who can provide you and your company with comprehensive legal support. You can find such specialists for yourself by turning to the company CrystalTex.

Our specialists are professionals in international law. They can supervise the accounting and auditing of your company in England and support the preparation of your company's financial statements in England.