All companies, including partnerships, are required to prepare and submit accounts to England. At the same time, small and dormant companies are exempt from audit.

The first reporting period can be from 1 to 21 months from the date of company registration. Accounting must be kept from the date of registration of the company with the tax authorities.

Yes, the reporting procedure in England is structured in such a way that any business can submit reports independently. We recommend learning more about how to do this on official resources: Basic Principles and Legislation: https://www.gov.uk/first-company-accounts-and-return Information on submitting a report: https://www.gov. uk/prepare-file-annual-accounts-for-limited-company

Even if a company has not conducted any activity and has no accounts, it is obliged to submit an annual report to the state authorities on the Dormant accounts procedure. The procedure for preparing such a report is much simpler, but the liability for late submission is the same as for operating companies. Even if the tax return is zero, a company in England must still report to HMRC.

Failure to submit reports on time will result in fines from Companies House:
– if the report is submitted with a delay of up to 1 month – £150.
– if the report is submitted with a delay of 1 month to 3 months – £375;
– if the report is submitted with a delay of 3 to 6 months – 750 pounds sterling;
– if the report was submitted with a delay of more than 6 months – £1500.
* The penalty is doubled if the reports were submitted late for 2 consecutive years.
** Late returns may also result in tax penalties (HMRC), with a minimum penalty of £185