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New company, change accounting reference date?
Hi everyone. To all you accounting-expert types out there, I've got a question about dates!
I would like (in theory) to file a "Change of accounting reference date -
225" with Companies House for the limited company I have recently
incorporated (a month ago) so that it coincides with the
end of the tax year (i.e. March 31st).
I am led to believe that would allow me to produce one set of the same
accounts each year to file with (a) Companies House and (b) HM Revenue &
Customs—and as I am a freelancer and the sole employee of the company, that
this is not a bad thing to do?
Also—is there a better date, either 31/3/*2010* or 31/3/*2011* to change it
to? (Latter brings the date forward, the former sets it back).
Thanks for your help.
I would like (in theory) to file a "Change of accounting reference date -
225" with Companies House for the limited company I have recently
incorporated (a month ago) so that it coincides with the
end of the tax year (i.e. March 31st).
I am led to believe that would allow me to produce one set of the same
accounts each year to file with (a) Companies House and (b) HM Revenue &
Customs—and as I am a freelancer and the sole employee of the company, that
this is not a bad thing to do?
Also—is there a better date, either 31/3/*2010* or 31/3/*2011* to change it
to? (Latter brings the date forward, the former sets it back).
Thanks for your help.
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Inappropriate?Hi Ian,
I am an accountant - may I help.
You're absolutely right that you can produce one set of accounts to file at Companies House and with HM Revenue, but that applies whatever your year end is. The beauty of a March year end is that it neatly coincides with the tax year, so it's much easier to work out which payroll entries / benefits in kind / capital allowances go in which set of accounts.
If (as I expect) your company falls within the limits for a small company, you could file an abbreviated set of accounts (the same figures, just not showing so much information) with Companies House, because remember accounts filed there are on the public record and anyone who cares to pay a few quid to look at them can do so. So you might want to file abbreviated accounts there and a full set with HM Revenue (who won't accept an abbreviated set). Your accountant should be able to produce one full set and one abbreviated set with a few clicks of the mouse from their accounting package.
As to which date is better (2010 or 2011), as your company incorporated in August 2009 you'll have to go for 31/03/2010, because you can't prepare a set of company accounts for a period that's longer than 18 months.
I hope that helps.
Kind regards,
Emily
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this answers the question
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This answers the question
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Thanks so much Emily, that is just what I needed to know! -
Inappropriate?No problem. If you have any more queries please don't hesitate to ask.
Kind regards,
Emily
EMPLOYEE
