Fundamentals of Accounting in England
Accounting Approaches According to Company Type
Limited Companies (Ltd): Preparation of annual accounts and submission to Companies House is mandatory
Sole Traders: Regular tracking of income and expenses and submission of tax returns is required
Limited Liability Partnerships (LLP): Accounting transactions are carried out based on the income shares of the partners
Maintenance of Financial Records
Companies must regularly maintain the following records:
Income and Expense Records: Detailed records of all financial transactions
Asset and Liability Records: Tracking of the assets owned by the company and liabilities
Inventory Records: Records of existing inventory and inventory movements
Invoices and Receipts: Documents related to all buying and selling transactions
Legal Obligations and Processes
Preparation of Annual Accounts
Companies House: Companies must submit their annual accounts to Companies House at the end of each financial year
HMRC: Additionally, it is required to submit an annual tax return to HMRC (CT600 form)
Tax Returns
Corporation Tax: Companies must make tax payments within 9 months and 1 day from the end of the financial year
VAT Return: VAT registered companies generally submit a VAT return every three months
Digital Transformation: Making Tax Digital (MTD)
The MTD program launched to digitize tax processes in England requires companies to submit tax returns electronically using digital accounting software.
Professional Accounting Services with ORTAC
Managing accounting processes accurately and timely in England is critical for your company's legal compliance and financial health. ORTAC provides you with tailored accounting solutions with our experienced team.
Our Services:
Preparation and submission of annual accounts
Preparation and submission of tax returns
VAT records and returns
Integration with digital accounting software
Financial consulting and reporting
👉 To manage your accounting processes safely in England, contact us
