ACCOUNTING SERVICES IN THE UNITED KINGDOM

Companies in the UK must adhere to legal obligations by submitting annual accounts and tax reports to both the Companies House and HMRC. Our team will handle the preparation and submission of your accounts and reports, encompassing VAT reports and Payroll as well.
The existing legislation mandates that all UK enterprises must compile and present their annual accounts, with the exception of Scottish Limited Partnerships (SLP). SLPs are not obligated to submit accounts to the Companies House, as long as their operations are solely
international. Nevertheless, even if an SLP has no declarations to make, it is still required to submit its tax return to the HMRC. Submission of annual accounts is required at the Companies House, while tax returns must be filed with the HMRC. In the case of a limited company that does not necessitate an auditor, both the company accounts and company tax return can be filed concurrently.

Key Requirements for Accounting Entities

• Typically, your annual accounts should span a period of more than 12 months. The accounting period commences on the day of your company registration, and the financial year concludes on the last day of the corresponding month in the following year. For instance, if you register your company on 14 April 2021, your annual accounts should encompass the duration from 14/04/2021 to 30/04/2022, totalling 12 months and 16 days.
• Typically, income tax is withheld from the earnings, pensions, and savings of individuals residing in the UK. However, for alternative sources of income such as dividends from shareholdings or income from self-employment, it is necessary to fill out and submit a Self-Assessment Tax Return.
• A business is required to enrol for value-added tax (VAT) when its taxable turnover for VAT exceeds £85,000 within a 12-month period. Many companies opt to register voluntarily before reaching this threshold, except in cases where their goods or services are exempt from VAT.
• Every UK business that disburses salaries to its employees is obligated to be registered for PAYE. PAYE, which stands for Pay As You Earn, is the HMRC system designed to collect Income Tax and National Insurance contributions from employment.

Regulated United Europe provides accounting services tailored for companies in the United Kingdom. Drawing on our proficiency across diverse business sectors, we deliver comprehensive solutions, encompassing tasks such as the registration of VAT numbers in the UK and the preparation of annual reports for our clients.