What’s my company’s accounting period?

Running a business involves juggling a lot of dates and deadlines. One of the most important deadlines is your company’s accounting period. 

Knowing when your financial year starts and ends is key to keeping everything in tip-top shape, meeting tax deadlines and preparing financial reports – fun! 

So, what’s my company’s accounting period, you ask? Let’s dive into how to find it, and what to do if you need to change it.

A little cheat sheet

Before we get started, here are a few key terms you’ll need to know:

• Company accounting period: the time frame you’ll use to file your company tax return
  
• Accounting reference date: the date marking the end of your financial year, set by Companies House
  
• Year-end accounts: this is just another term for your company tax return

Why it’s important to know your accounting period

It helps you:

Meet your tax deadlines

Your accounting period is like your business’s calendar, telling you exactly when you need to file your company tax return. Miss it and you might end up with hefty fines and penalties. And nobody wants that!

Master your financial reports

Financial reports are the secret to understanding how your business is doing. They help you make informed decisions and impress potential investors. No more guessing if you’re heading in the right direction!

Plan your next move

And then, there’s planning your business activities. Knowing your financial year helps with budgeting, forecasting, and planning your business operations. Imagine trying to plan a party without knowing the date. Sounds like a mess, right? The same goes for your business. A clear accounting period helps you keep everything running smoothly. Remember, the financial year and the tax year are not the same.

So, where can I find the accounting period date for my company? 

Your company’s accounting period dates can be found in a couple of places:

1. Incorporation documents. When you set up your company, your incorporation documents will show your accounting period.
   
2. Companies House website. Log in to your account on the Companies House website to find your company’s dates.

Now, we might not know where you stashed your incorporation documents. But, we can help you find your accounting dates on the Companies House website! Just follow these steps:

1. Head to the Companies House website
   
2. Use the search bar to find your company using its name or registration number
   
3. Click your company name to view your information. You’ll be able to see your entire accounting period, including when your corporate tax return and confirmation statement are due next.

How long is my company’s accounting period?

In the UK, a company’s financial year is typically 12 months long. But there are some exceptions.

When your company is newly incorporated, the first set of accounts will usually cover more than 12 months. Why? Because they start on the day your company was set up (or incorporated) and end on the ‘accounting reference date’ set by Companies House. This is the last day of the month your company was set up.

Can I change my company’s accounting period? 

So, you want to change your accounting period? This is pretty common when companies want to sync up with the financial year of a parent company, or maybe even optimise their tax payments and cash flow.

Well, we’ve got some good news. You can change your accounting period. Here’s how:

• Step 1. Login to Companies House and tell them about these changes. You can do this by filing an update.
  
• Step 2. Inform HMRC of your new accounting period. You can do this online or by phone.
  
• Step 3. Update your financial records to make sure everything is in order.

Are there any exceptions?

You can shorten your accounting period as many times as you like. If you want to extend it, you can only extend it to 18 months. And you can only change it once every 5 years.

You might be able to change it more often if:

• Your company is in administration
• You’re aligning dates with a parent company
• You have permission from Companies House

Need a hand? A tax pro can take care of things

Navigating accounting periods and taxes can feel like a maze. That’s why it’s always a smart move to bring in a tax professional.

An accredited accountant can keep your records spotless, file your company tax return on time, and offer advice that’s perfect for your business. Try our limited company tax returns service to handle your annual accounts and corporate tax return, all for a low, fixed price.