BC Easyfiler - Tax Guide
What Accounts do I need to supply to HMRC
HMRC require whichever accounts you are required to produce either by law or by their constitution. Companies and to a certain extent charities are heavily regulated in the accounts they must produce,
other organisation which may need a corporation tax return such as unincorporated clubs and societies may only require simple accounts.
All companies are under a legal responsiblity under The Companies Act 2006 to produce accounts.
Owner managed companies sometimes forget that the key element of the limited liability company is that it gives owners that do not manage the company a framework for their protection.
With no outside investors to satisfy, owner managed companies may disregard this and concentrate more on the Companies House requirements. The main difference between these filleted
accounts and full accounts is that Companies House is only interested in a company's assets (the Statement of Financial Position or Balance Sheet), wheras HMRC want to know how much
money you have made (The Income Statement or Profit and Loss account).
Most companies will need to produce accounts in iXBRL format, although some organisations may not need to because an iXBRL taxonomy is not available. These rules are summarised in the table below.
Type of organisation |
Type of accounts |
Requirement |
UK Incorporated Company |
FRS102 (UK & Ireland companies)
FRS105 (microentities)
IFRS (International companies)
UK GAAP (UK companies pre 2016)
Charity SORP (income > 6.5m)
Trading arm of charity
|
iXBRL Accounts
|
Real Estate Investment Trust |
iXBRL Accounts plus financial statments under CTA2010 as pdf |
Life Insurance |
iXBRL Accounts plus FSA return as pdf |
Charity SORP (income < 6.5m)
|
PDF Accounts |
Foreign incorporated Company (UK Resident) |
IFRS
UK GAAP
US GAAP
|
iXBRL Accounts |
Other Standards
|
PDF Accounts |
Foreign incorporated Company (UK Branch) |
UK Balance Sheet prepared
|
iXBRL UK Accounts
|
UK Balance sheet not prepared
|
Worldwide Accounts as PDF
UK Accounts form part of Computations
|
Clubs and societies |
Any
|
PDF Accounts
|
Unincorporated Charities |
Charities SORP
Charities Act 2006
|
PDF Accounts
|