Limited company accounts and filing: every question answered

Every UK limited company files accounts at Companies House and a tax package with HMRC each year. This hub answers the questions directors ask about what those accounts contain, which regime applies, when they are due and what happens when they are late.

What are limited company accounts and what do they include? Limited company accounts are the statutory financial statements you must prepare each year. They include a balance sheet, usually a profit and loss account, notes to the accounts and a director's approval statement, filed at Companies House and with HMRC.

What is the difference between statutory accounts and management accounts? Statutory accounts are the formal annual accounts filed at Companies House and HMRC in a prescribed format. Management accounts are internal, prepared monthly or quarterly in whatever format helps you make decisions, and are never filed anywhere.

When are my first limited company accounts due? Your first accounts are due at Companies House 21 months after the date of incorporation. The first accounting period runs from incorporation to the accounting reference date, which is the last day of the month you incorporated in, one year later.

What is the deadline for filing accounts at Companies House? A private limited company must file its accounts at Companies House within nine months of the accounting reference date. The first set is due 21 months after incorporation. Public companies file within six months.

What happens if I file my company accounts late? Companies House issues an automatic penalty: £150 up to one month late, £375 up to three months, £750 up to six months and £1,500 beyond that. The penalty doubles if the previous year was also filed late.

Can I file my own limited company accounts or do I need an accountant? You can legally prepare and file your own accounts and company tax return. There is no requirement to use an accountant. The question is whether the software, the accounting standards and the tax computations are a good use of your time and risk.

What are micro-entity accounts and do I qualify? Micro-entity accounts are a simplified set prepared under FRS 105. You qualify by meeting two of three tests: turnover not more than £1m, balance sheet total not more than £500,000, and not more than ten employees.

What counts as a small company for accounts purposes? A company is small if it meets two of three conditions: turnover not more than £15m, balance sheet total not more than £7.5m, and not more than 50 employees, following the uplift to the size thresholds. Small companies use FRS 102 Section 1A.

Are filleted and abridged accounts being abolished? Yes, in substance. Under the Economic Crime and Corporate Transparency Act, small and micro companies will have to file a profit and loss account, ending the filleted accounts route that let companies publish only a balance sheet. Abridged accounts go the same way.

Will I have to file a profit and loss account publicly? Yes. The Economic Crime and Corporate Transparency Act requires small and micro-entity companies to file a profit and loss account at Companies House, so turnover and profit become publicly visible rather than being filtered out of the filed accounts.

Do I need an audit for my limited company? Most small companies are exempt. You generally need an audit only if you exceed two of three thresholds on turnover, balance sheet total and employees, are part of an ineligible group, are in a regulated sector, or shareholders holding 10% demand one.

How much does an accountant charge to prepare limited company accounts? Expect roughly £500 to £1,500 plus VAT a year for accounts and a CT600 alone for a small company, or £89 to £289 a month plus VAT for a package covering accounts, tax, VAT, payroll and director Self Assessment.

Rates, thresholds and deadlines quoted here reflect the 2026/27 UK position and current Companies House and HMRC guidance. Check GOV.UK, or ask us, before relying on them for your own company.