When you’re running your own limited company, the first few years are filled with exciting milestones, from launching a brand new product or landing your first big client to reaching a revenue goal.

But of course, there are also lots of practical, financial aspects of running your own business that you need to get your head around. And one of the most important things on that list is filing your company accounts with Companies House each year. 

Whether you’ve recently set up your limited company or have been a company director for a while and are just looking for a refresher, this article will break down everything you need to know about when and how to file your company accounts.

Let’s start with the basics: 

What are company accounts?

In the UK, every limited company must file a set of accounts with Companies House (the UK’s registry of all limited companies) each year, which shows how a company has performed over the accounting period. 

This is required whether your company has been successful that year or not - and you’ll still need to do it even if your business is currently dormant or not trading. 

The set of accounts you submit are a set of financial statements that give a snapshot of your business’s financial health over the past financial year. 

They typically include your:

• Statement of Financial Position (formerly Balance sheet): Shows what your company owns (assets) and owes (liabilities).
• Profit and loss statement: Summarises your income, expenses and profits. Depending on the size of your company, you may not need to include this statement, and we’ll touch more on this later. However, it’s worth noting that a recent law change means all companies will soon be required to provide this (although Companies House are yet to implement this rule).
• Notes to the accounts: Any additional information that provides context to the figures in your statements.

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Who has to file company accounts?

All limited companies must deliver accounts to Companies House each year - whether or not they’re still trading. 

It’s important to note that sole traders have no legal requirement to register with Companies House, and the only people who must file accounts with Companies House are directors and owners of limited companies.

If you have recently made the transition from sole trader to director of a limited company, you can choose to file your accounts yourself, but many limited companies prefer to trust a professional like Crunch to help and act on their behalf. 

When to file your company accounts

Timing is everything, especially when it comes to filing your accounts. The deadline for submitting your company accounts to Companies House is always within 9 months of your company’s financial year-end.

Your financial year-end will depend on when you incorporate your company. For example, if you formed a company on 20/11/2024, then your year-end date would be 30th of November every year.

However, you can apply to extend or shorten the year end to make it a more convenient date. For example, most companies choose 31st March or 31st December as their financial year-end, but it’s completely up to you.

How to file your company accounts

The easiest and fastest way to file your accounts is online. We’ve outlined the five steps to filing company accounts below, and Companies House has also produced a series of ‘how to’ videos here on YouTube, which are a useful watch. 

1. Get your accounts in order

Before you can file anything, you’ll need to prepare your accounts. This means making sure that all your income, expenses and receipts are properly recorded. The good news is that if you’ve been using accounting software like Crunch - or been working with a professional bookkeeper - the heavy lifting will already have been done for you.

• Balance your books: Make sure everything adds up, and check that there are no discrepancies in your accounts.
• Include all relevant documents: Your balance sheet and any other required documents (such as your profit and loss statement, if your business is required to submit one) need to be up to date.

If bookkeeping isn’t your strong suit and you haven’t had any help with the above, now might be the time to bring in an accountant who can help you ensure that all your records are accurate and compliant, saving you from potential fines down the line - as well as a whole lot of time. 

2. Log in to (or register for) the Companies House WebFiling Service

Most companies choose to file their accounts online using the UK government’s Companies House WebFiling service. You’ll just need your email address and password to log in. 

If it’s your first time registering for WebFiling, you’ll need to wait to receive your authentication code from Companies House in order to set your password. You can request a code quickly online, but it can take up to five days to arrive at your company’s registered office address by post.

3. Choose the right type of accounts to file

Once you’re logged in, you’ll need to choose what type of accounts you need to file, which will depend on the size of your business.

Here’s a quick breakdown:

• Micro-entities: If your company has a turnover of less than £632,000, assets worth less than £316,000 and fewer than 10 employees, you can file micro-entity accounts. These are simplified accounts with reduced disclosure requirements.
• Small companies: Small companies have a turnover of under £10.2 million, assets under £5.1 million and fewer than 50 employees. This means you can file abridged accounts, which offer slightly more information than micro-entity accounts but are still simpler than full accounts.
• Medium and large companies: If your company is bigger than the above categories, you’ll need to file full accounts.

4. Complete the online form

Once logged in, you’ll be guided through a series of steps to input your financial data.

Here’s what you’ll typically need to provide:

• Company details: Your company registration number, name and address.
• Balance sheet information: A breakdown of your assets and liabilities.
• Profit and loss figures: Summarising your income and expenses for the financial year.
• Approval of accounts: You (or a director) will need to confirm that the accounts are accurate.

5. Review and submit

Before hitting the submit button, double-check all your entries, check for any typos and make sure a director has signed off on the accounts. You won’t be able to submit your accounts until all the required information is filled in anyway.

Once everything looks good, go ahead and submit your accounts. You’ll receive a confirmation email from Companies House when your filing is successful.

What happens if you miss the deadline?

Unfortunately, there’s a penalty system in place for late submissions:

• Up to 1 month late: £150 penalty.
• 1 to 3 months late: £375 penalty.
• 3 to 6 months late: £750 penalty.
• More than 6 months late: £1,500 penalty.

Penalties double if you’re late two years in a row. Ouch! To avoid these fines, make sure you’re on top of your filing deadlines and seek help early if you’re struggling to get your accounts in order.

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Here are a few quick tips to help you stay on top of these deadlines and make sure you never miss a filing deadline:

1. Register for email reminders:

We recommend registering for the Companies House email reminder service, so you’ll get regular reminders about when your accounts are due.

2. Consider hiring an accountant:

A professional can help you avoid costly mistakes and ensure you’re compliant with all regulations. At Crunch, we make Limited Company accounting simple; helping you handle filing your company accounts - and all of your other bookkeeping, budgeting and tax requirements - so you can focus on running your business. 

3. Use accounting software:

Using accounting software like ours can save hours of manual bookkeeping and reduce the risk of errors.

4. Keep everything organised throughout the year:

Keep a dedicated folder for receipts, invoices and other financial documents. This will make life way easier when it’s time to prepare your accounts.
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Ready to file your company accounts? 

We hope you’re now feeling a little more prepared to file your company accounts, or to check your current accounts and balances are all up to date for when the filing deadline rolls around. 

Remember, if you ever feel overwhelmed, professional help is always just an email or phone call away. When you’re running a limited company and have enough to think about already, investing in expert advice and help can save you time, stress and money in the long run. Happy filing, and here’s to a financially sound 2025!

Interested in how we could help you? You can book a free call with our advisors who will talk you through our options to find the best match for your business.

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