In the UK, companies choose their own year end. Companies in UK report to two entities – HMRC and Companies House. These entities are separate and the year end with one need not be the same as that with the other. This makes tracking all compliance deadlines challenging, not just for companies, but more so for accountants who manage hundreds of such companies.
The HMRC year end is agreed between the company and HMRC. The deadlines are: Nine months and one day for the tax payments and 12 months for the accounts. In a company’s first year, or if the fiscal year end is changed mid year, these deadlines change slightly. Tracking these deadlines automatically has been supported in Firmzen for quite some time now.
However, to help accountants get a full view of all the deadlines for all their clients, this is not enough.
At Companies House, there are two deadlines – Annual Accounts and Annual Return. These are completely separate and equally important – so as accountants, all of these deadlines need to be monitored strictly.
- Client data can now be fetched simply by entering the company registration number (CRN).
- Once the data is fetched, it automatically refreshes, as company names, addresses, deadlines etc. can change.
- Companies House tasks – Annual Accounts and Annual Return – are automatically created and you can manage them like any other task in Firmzen – with sub-tasks, automated reminders and more.