Tax & compliance
Can I do my own limited company accounts?
By Kaiser Khan · Updated · 4 sources checked
What DIY filing actually involves
You'll keep double-entry records through the year, produce a balance sheet and profit and loss under FRS 105 (micro) or FRS 102 1A (small), file accounts at Companies House, then prepare a corporation tax computation — adjusting accounting profit for disallowables, capital allowances, and reliefs — and submit the CT600 with iXBRL-tagged accounts.
You may file accounts with Companies House online or by post. For the Company Tax Return, HMRC says to use commercial software; paper filing is limited to specific exceptions.
Where directors come unstuck
The filing form is only one part of the job. Keep records that support dividends, director loans, allowable costs and the tax computation before you submit.
Common risks include an overdrawn director’s loan account, dividends without distributable profits, confusion between accounting depreciation and tax allowances, and missing a tax payment deadline that comes before the filing deadline. HMRC says the section 455 charge for relevant new loans from 6 April 2026 is 35.75%; older loans may have a different rate.
A sensible dividing line
DIY is defensible for a dormant company, or a single-director company with a handful of transactions, no VAT, no payroll, and no dividends beyond basic paperwork.
Once real money moves — VAT, staff, growth, investment — the risk-adjusted cost of DIY exceeds a fixed monthly fee for most directors. A middle option: keep the books yourself, pay a firm for year-end only.
People also ask
Do I need an audit?
Many small companies are exempt from audit, but exemptions depend on size and other conditions. Check the current Companies House rules for your financial year before relying on an exemption.
What software can file CT600s?
Since the joint HMRC/Companies House service closed in March 2026, you normally need commercial software that can file the Company Tax Return and required accounts with HMRC. Check the provider’s current filing support before buying; Companies House accounts can be filed separately.
If I get it wrong, what happens?
Late accounts trigger automatic Companies House penalties from £150; errors HMRC treats as careless can add 0–30% of the underpaid tax on top of the tax itself. Honest mistakes corrected promptly are treated more gently.
Sources
- HMRC: Company Tax Returns and filing deadlines · checked 2026-09-23
- GOV.UK: private company accounts and tax-return deadlines · checked 2026-09-23
- HMRC: closure of the joint accounts and tax-return service · checked 2026-09-23
- HMRC: section 455 director-loan tax rates · checked 2026-09-23
This article is general information for UK businesses, not tax, legal, or financial advice, and thresholds change — confirm current rules on GOV.UK or with a qualified accountant before acting. Fee figures are indicative benchmarks from ourmethodology.