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What Is The Difference Between An Annual Return And An Annual Account?
When you form a company, you will have new legal responsibilities. One task you will need to complete on a yearly basis is the Annual Accounts for your new business.
But how does your Annual Account differ from an Annual Return?
The Annual Return used to be a snapshot of the internal structure of the company, as opposed to the Annual Accounts which cover the company’s finances.
In June 2016, the Annual Return was replaced by the Confirmation Statement. A registered company must file its Confirmation Statement each year, and it includes the following:
- Director(s)
- Secretary (if applicable)
- LLP Members (if applicable)
- Registered Office
- SAIL Address
- SIC Codes
- Person(s) of Significant Control (PSCs)
If the company has share capital, the Confirmation Statement must also contain:
- the nominal value of total issued share capital
- the total amount unpaid per currency
- the names and addresses of shareholders and the number and type of shares they hold or transfer from other shareholders
The Confirmation Statement is a way of confirming that the information above held by Companies House is correct. You can also use it to update your SIC Codes and shareholdings if required.
After June 2016, companies were no longer legally required to file an Annual Return. A business must file its Confirmation Statement at least once every 12 months.
Annual Account
Every company needs to prepare its accounts once a year. These need to be in line with Companies Act 2006 requirements.
It relates to the performance and the activities of the company during the financial year. For new companies, the period will start on the day of the incorporation.
It is important not to miss your company’s filing deadline as this would incur an automatic penalty of £150 minimum.