Knowledge Centre Category: Company Accounts & Tax

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Statutory Accounts

Statutory accounts are the statutory financial statements a company must prepare at the end of its accounting period and file with Companies House, providing a formal record of its financial position and performance. Green Accountancy aims to have year-end accounts finalised within one month of receiving a complete and accurate set of client records.

Community Interest Company (CIC)

A Community Interest Company (CIC) is a type of limited company designed for organisations that want to use their profits and assets for public or community benefit. CICs are commonly used by social enterprises and are subject to additional regulation to ensure they operate primarily for social purposes.

Ordinary Shares

Ordinary shares are the standard class of share in a limited company, carrying voting rights and entitlement to dividends from profits after any preference shareholders have been paid. Under EMI and EIS schemes, shares must be ordinary shares with no preferential rights to dividends or assets in order to qualify.

Year-End Planning

Year-end planning is the process of reviewing a company's financial position before its accounting period closes in order to make the most of available tax reliefs and allowances. Green Accountancy contacts clients proactively ahead of both their company year-end and the 5 April personal tax year-end to discuss opportunities such as dividend timing and pension contributions.

Corporation Tax

Corporation tax is the tax a UK limited company pays on its taxable profits, currently charged at 19% for profits up to £50,000, 26.5% for profits between £50,000 and £250,000 and 25% for profits over £250,000 (all at 25% for non-trading companies). Green Accountancy prepares and files corporation tax returns for a wide range of companies, applying legitimate reliefs to minimise the amount owed.

Annual Investment Allowance (AIA)

The Annual Investment Allowance is a tax relief that allows businesses to deduct the full cost of qualifying capital purchases from their taxable profits in the year of purchase. Green Accountancy applies reliefs like AIA as part of its low-risk tax minimisation approach for clients.

Limited Company

A limited company is a business structure in which the company is a legally separate entity from its owners, meaning shareholders' personal liability is limited to the value of their shares. Green Accountancy prepares accounts and tax returns for companies limited by shares, companies limited by guarantee, and community interest companies.