Accounting & Auditing in The United Kingdom

Annual Accounts

Company may qualify for an audit exemption if it has at least 2 of the following:

Completion of abbreviated accounts/ unfillet accounts/ full set accounts
Filling the accounts
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Accounting fee is calculated based on the number of transactions

Bookkeeping

Amount (Transactions)	Fee
Below 30	US$ 865
30 to 59	US$ 936
60 to 99	US$ 982
100 to 119	US$ 1,027
120 to 199	US$ 1,092
200 to 249	US$ 1,261
250 to 349	US$ 1,456
350 to 449	US$ 1,963
450 and above	To be confirmed

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Auditing Services

Company may qualify for an audit exemption if it has at least 2 of the following:

An annual turnover of no more than £10.2 million
Assets worth no more than £5.1 million
50 or fewer employees on average

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FAQs

1. What if you don’t receive a ‘Notice to deliver a Company Tax Return’ from HMRC?

You still must tell HMRC your company is liable for Corporation Tax. You must do this within 12 months of the end of your Corporation Tax accounting period. If you don’t, your company or organisation may be charged a penalty. HMRC calls this a ‘failure to notify’ penalty.

2. When is the deadline for filing the first account?

The first account must be filed in 21 months after registration with Companies House.

3. How many types of primary business Tax in UK ?

Income Tax
National Insurance
Corporation Tax
Capital Gains Tax
VAT

4. What are the penalties for keeping inadequate business records?

HMRC may charge a penalty of up to £3,000 per tax year for a failure to keep records or for keeping inadequate records.

5. When you must register for VAT?

You must register for VAT with HM Revenue and Customs (HMRC) if your business’ VAT taxable turnover is more than £85,000.

How to register a company in United Kingdom?

6. What is a dormant company?

A company or association may be ‘dormant’ if it’s not doing business (‘trading’) and doesn’t have any other income, for example, investments.

7. Does the dormant company need to file account to Companies House?

Yes. You must file your confirmation statement (previously annual return) and annual accounts with Companies House even if your limited company.

8. What is my unique tax reference (UTR) number in UK?

Your unique taxpayer reference , is a unique code that identifies either an individual taxpayer or an individual company. UK UTR numbers are ten digits long, and may include the letter ‘K’ at the end.

Unique taxpayer reference numbers are used by HMRC to keep track of taxpayers, and is the ‘key’ that the taxman uses to identify all of the different moving parts related to your UK tax affairs.

9. The dormant company need to file account to Companies House?

Yes. You must file your confirmation statement (previously annual return) and annual accounts with Companies House even if your limited company

10. Do overseas companies need to send accounting documents to Companies House in UK after registration?

In most cases, overseas companies are required to send accounting documents to Companies House in UK. The accounting documents an overseas company delivers will depend on the following circumstances,

The company is required to prepare and disclose accounting documents under parent law (the law of the country in which the company is incorporated)
If it is required to prepare and disclose accounting documents under parent law is it an EEA company. An EEA company is an overseas company governed by the law of a country or territory in the European Economic Area (EEA)

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