Filing accounts is one of those business tasks that might not be exciting, but it’s absolutely essential. While you run a limited company, keeping up with your financial reporting obligations is key to staying compliant with Companies House and HMRC.
In this guide, we’ll break down what you need to know about filing accounts—what’s required, the deadlines you need to meet, and what happens if you miss them. And if you run an LLP, it’s especially important to know how to file accounts correctly to avoid any unnecessary stress.
The Basics of Filing Accounts
Every registered business in the UK has to prepare and submit financial statements each year. These accounts give a clear picture of your company’s financial health, detailing profits, losses, assets, and liabilities. The format and reporting requirements depend on your business structure.
For LLPs, transparency is just as important. Unlike sole traders, LLPs must submit annual accounts to Companies House, ensuring everything is properly recorded and reported.
Deadlines You Need to Know
Missing a deadline can lead to penalties and potential headaches, so it’s good to stay ahead of the game. Here’s what you need to know:
- New companies or LLPs: Your first accounts need to be filed within 21 months of incorporation.
- Existing businesses: The deadline is nine months after your financial year-end.
- Corporation Tax return: If required, this must be filed with HMRC 12 months after your accounting period ends.
Failing to meet these deadlines can result in fines starting at £150, escalating up to £1,500 for prolonged delays. In worst-case scenarios, Companies House can even strike your business off the register.
What Needs to Be Included in LLP Accounts?
When you submit accounts, you’ll need to include:
- Balance Sheet – A snapshot of your LLP’s financial position.
- Profit and Loss Account – An overview of income, expenses, and net profit.
- Notes to the Accounts – Additional explanations for financial figures.
- Members’ Report – A summary of your LLP’s activities and performance.
- Auditor’s Report (if applicable) – Required for larger LLPs that exceed specific revenue or asset thresholds.
If your LLP qualifies as a small business, you may be able to file abridged accounts, which require fewer details. That said, getting professional advice ensures you remain compliant while making the most of any available reporting exemptions.
Common Mistakes to Avoid
Filing accounts can seem straightforward, but it’s easy to make mistakes. Some of the most common ones include:
- Misclassifying income and expenses
- Missing filing deadlines
- Failing to keep proper records
- Misreporting tax liabilities
- Not getting professional advice when needed
Avoiding these pitfalls can save you time, money, and unnecessary stress in the long run.
Why Professional Support is Worth Considering
Filing accounts isn’t just about ticking a box—it’s about making sure your financial records are accurate, compliant, and useful for making business decisions.
UK Property Accountants specialises in helping businesses file LLP accounts smoothly and on time. Our team of experts handles everything from bookkeeping and tax planning to preparing and submitting financial statements, so you don’t have to worry about the details.
We work with landlords, property investors, and businesses across the UK, offering tailored support to ensure their accounts are in order. With us handling the numbers, you can focus on growing your business with confidence.
