Accounts and returns
These regulations set out the content, form and auditing requirements of the financial accounts and other reports that companies have to produce.
You can find the regulations that relate to accounts and returns below to the left.
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The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010 Amends provisions in Companies Act 2006 on the transfer of audit working papers to third country audit regulators. Implements Commission Decision under the Audit Directive. Read More… (opens in a new window)
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The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009 Implements EU Accounting Directives. Read More… (opens in a new window)
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The Companies Act 2006 (Annual Return and Service Addresses) Regulations 2008 Details the information to be provided in the annual return of a company and prescribes conditions to be met by a service address (as defined in section 2 of the Companies Act 2006). Read More… (opens in a new window)
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The Statutory Auditors and Third Country Auditors (Amendment) (No. 2) Regulations 2008 Amends regulations on registration of auditors of companies outside the European Economic Area which issue securities on UK markets. Read More… (opens in a new window)
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The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 Sets out the form and content of accounts for medium and large sized LLPs. Allows abbreviated accounts for mediums. Read More… (opens in a new window)
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The Small Limited Liability Partnerships (Accounts) Regulations 2008 Specifies the form and content of the accounts of limited liability partnerships (LLPs) who can take advantage of the small LLPs regime. Read More… (opens in a new window)
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The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 Applies accounting and audit rules from Companies Act 2006 to LLPs. Read More… (opens in a new window)
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The Accounting Standards (Prescribed Body) Regulations 2008 Establishes the Accounting Standards Board under the articles of association of The Financial Reporting Council. Read More… (opens in a new window)
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The Companies (Defective Accounts and Directors’ Reports) (Authorised Person) and Supervision of Accounts and Reports (Prescribed Body) Order 2008 Establishes the Financial Reporting Review Panel under the articles of association of the Financial Reporting Council. Read More… (opens in a new window)
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The Partnerships (Accounts) Regulations 2008 Applies 4th and 7th Company Law Directive accounting framework and Audit Directive to those partnerships and limited partnerships where all members have limited liability. Read More… (opens in a new window)
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The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2008 Corrects errors in the Statutory Auditors and Third Country Auditors Regulations 2007. Read More… (opens in a new window)
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The Statutory Auditors (Delegation of Functions etc) Order 2008 Delegates most of the Secretary of State’s functions under Part 42 of the Companies Act 2006 (statutory auditors etc) to the Professional Oversight Board of the Financial Reporting Council. Read More… (opens in a new window)
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The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Specifies the form and content of the accounts and reports of companies other than for the small companies regime. Read More… (opens in a new window)
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The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 Defines “small companies regime” including the form and content of the individual accounts. Read More… (opens in a new window)
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The Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 Raises thresholds for qualifying as a small or medium-sized company or group for certain accounting and audit exemptions. Read More… (opens in a new window)
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The Companies (Summary Financial Statement) Regulations 2008 Enables companies to send out summary financial statements in place of their full accounts and reports. Read More… (opens in a new window)
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The Companies (Revision of Defective Accounts and Reports) Regulations 2008 Sets out requirements for preparing revised annual accounts, directors’ reports, directors’ remuneration reports and summary financial statements. Read More… (opens in a new window)
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The Independent Supervisor Appointment Order 2007 Appoints the Professional Oversight Board as Independent Supervisor of the Auditors General. Read More… (opens in a new window)
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The Statutory Auditors and Third Country Auditors Regulations 2007 Completes the UK’s original implementation of the Audit Directive. Read More… (opens in a new window)
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The Companies (Principal Business Activities) (Amendment) Regulations 2002 Amends a form and prescribes the system of classifying business activities in its annual return using the Standard Industry Classification 1992 Read More… (opens in a new window)
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The Late Payment of Commercial Debts (Rate of Interest) (No. 3) Order 2002 Allows creditors to apply statutory interest rates on certain debts. Read More… (opens in a new window)
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The Late Payment of Commercial Debts Regulations 2002 Repeals the Secretary of State’s power to specify excepted categories of contracts where late payment interest is not to be payable; and the corresponding Order. Read More… (opens in a new window)
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The Companies (Principal Business Activities) (Amendment) Regulations 1996 Prescribes the system of classifying business activities in its annual return using the Standard Industry Classification 1992. Read More… (opens in a new window)
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The Companies Act 1985 (Audit Exemption) Regulations 1994 Exempts small companies from having their accounts audited under the Companies Act 1985. Includes consequential amendments to other legislation still in force. Read More… (opens in a new window)
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Tell us what you think should happen to these regulations and why, being specific where possible:
- Should we scrap them altogether?
- Could their purpose be achieved in a non-regulatory way (eg through a voluntary code?) How?
- Could they be reformed, simplified or merged? How?
- Can we reduce their bureaucracy through better implementation? How?
- Can we make their enforcement less burdensome? How?
- Should they be left as they are?
Why do we need to produce two sets of accounts for small businesses. one for Companies house and one for HMRC. Surely HMRC sould be prepared to accept management accounts if they want information beyond that required by Companies House. it makes a mockery of the simplification that the Companies Act 2006 has brought for small businesses – so that nothing has actually changed. HMRC need to move with the times and end their requirements for full accounts.Comment Tags: Simplify HMRC accounts requirements for SME’s
I have just received a fine from Companies House of £750.00 because the accounts that I filed on time contained this sentence The Directors Statements required by Section 249(B) are shown on the following page which forms part of the Balance sheet.
Companies House rejected the accounts because the phrase refers to the old Companies act not the new one
We are a tiny trading Company our turnover is less than £8,000 a year we ask no one for credit .. a) why do we have to file these accounts anyway and 2) why fine us £750 .. when the only thing that was wrong was teh Section number in the note .. the figures were perfectly accurate. It is behaviour like this that makes people rebel against governments .. the fine is manifestly unfair the expression Section 249b(4) has cost us £750. This cannot be right . Abandon Annual returns and annual accounts filing for small companies!!Comment Tags: Annual returns and annual accounts Unfair Fines
The new CT corporation tax returns using the latest versions of [Text Deleted] clashed with just about all the installed security on my current network. There was hardly any guidance available to help and no-one at the tax office could tell me what to do.
1 – When introducing new systems ensure staff that deal with the public in the specfic departments have had training to answer questions from the public.
2 – Communicate the changes clearly, here the tax office fails almost without fail, the irony is not lost on me.
3 – Some consideration for small business many of which do not have IT structures in place as sudden switiching to computerised solutions adds to the cost of doing business. Transition years with major changes such as the new electronic CT returns.
4 – Answer the [Text Deleted] phone! A 15min to 20min wait is really poor.
For SME you should scrap the regulations for tax, vat and companies house and start again. Trying to modify existing legislation to fit SME is like trying to rebake a burnt cake and expecting it to be edible.
Has anyone actually thought about creating regulations that protect SME rather than continually ending up punishing them for the temerity of wanting to be in business at all.Comment Tags: accounts, small business, Tax
Regarding the Penalties for late filing of annual accounts – These are archaic in nature, as the reason most accounts are late, are due to reasons beyond the Company or its Officers reasonable control. The concept dates from the Victorian era, and should be modernised. As HMRC have successfully implemented “Reasonable Excuse” provisions into their tax legislation, it’s about time Companies House dis the same.
Reasons for late accounts include the unreliable postal service, Summer 2011 Riots, Severe Weather and Flooding, and similar circumstances. The statutory “Reasonably Practicable” test shall be applied.Comment Tags: accounts, Companies House, Late Filing, Penalty
Why should any company not filing audited accounts be sending accounts by post in the first place?
There is a perfectly acceptable method of online filing that anybody with access to the internet can use. Filing by pigeon post seems bizarre in the 21st century. Don’t blame the legisation makers they’ve tried and succeeded in facilitating the filing of accounts for most businesses except audits, llps and some exceptions such as charities and bodies registered under acts other than the various Companies Acts
I Agree with John Winder.. my tiny company was fined £200 for being a day late filing its accounts .. it never seeks credit .. businesses make a business decision non whether to grant credit most small businesses never use credit agencies .. the argument that it will stifle credit availability is wrong .. we ask for trade references if we are going to grant credit .. far more accurate!
It really is an antiquated and bureaucratic requirement to file accounts for small concerns. Comments about credit-worthiness are noted but surely a company that is keen to maintain this will continue file accounts for the public record. Those that choose not to file will understand that their ability to seek credit may be hampered. Of course, in these times of electronic filing it is not such an onerous task to depatch a copy to Companies House but the penalties levied for lateness or want of form in the accounts, are ridiculously high and bear no relationship to what really is at stake for being late. The cynic might think it’s just another revenue raising deviceComment Tags: annual returns/ too high penalties / filing accounts pointles / filing 16 page annual returns pointless