When it comes to legals, there are important things you need to remember so let’s make it fun and celebrate your business’ first birthday!!
Happy Birthday Business!!!
So just like any birthday party, there’s some preparation required. First of all…
- Party Invitations
So at any good party you need to know whose coming. Companies House is no different and they need to know whose involved in the business. The invitation to fill in is called a Confirmation Statement. If all the details are right, just confirm = simples.
2. Making the Cake
Lots of effort goes into making a cake… Ingredients, mixing, baking. Similarly, lots of effort goes into your business so for this example, think of your business as the cake. Companies House wants to know what’s been put in the cake, taken out of the cake and how the cake is looking by the end of their birthday ie. your financial year end. This cake report is called your Annual Accounts.
3. Party Bags
Some parties give out party bags at the end, some don’t. Depending how your business year has gone, you may have enough money to make party bags or perhaps you’ll need to give it a miss this year. Think of your party bags as tax and the party bags would be given to the taxman aka HMRC.
- Whose who in your business = Confirmation Statement (via Companies House)
- How’s your business been this year = Annual Accounts (via Companies House)
- Hey Mr Taxman = Company Tax Return (via HMRC)
You can do 2 and 3 together if they’re for the same dates.