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Company accounting Dates
The company accounting dates are very important for the business owner. Several important regarding the company accounting dates are provided here. The business owners require knowing certain aspects of the Company accounting dates for ensuring smooth business process.
To begin with, it is extremely important to have an idea about the span of a financial year. Every company maintains accounting records and have to prepare account reports about the yearly activities and performance of the company. The period covered in the reports is known as the financial year. A new financial year starts from the day when the previous fiscal year ends. In case of a new company, the financial year starts from the day of incorporation.
Counting a financial year
A financial year is precisely known as the Accounting reference period (ARD). The accounting reference period comes to an end with the Accounting reference date or 7 days before or after as per your convenience. ARD date is fixed according to the establishment date of a company. It is possible to change the 1st accounting reference period the subsequent reference periods by altering the ARD.
Accounting Reference Period
The first accounting reference period for the new companies is the last day of the month when the company was incorporated. Though ARD is set during the time of incorporation, but it can be changed as well. Now if you are thinking how to change the Accounting Reference dates, we will be helping you with the procedure. By completing the Form 225 and sending it across to Companies House, you can easily change the ARD. The change can be done only to the immediately previous or current accounting period. Moreover you have to register new ARD before the deadline of filing.
Fast facts about Company accounting dates
There are no restrictions on changing ARD. If you are willing to change ARD by curbing the accounting reference period, you can do it very easily. This kind of change is allowed as many times as required and the reference period dates can be changed by as many months as required. But if you want to extend the Accounting Reference periods there are certain restrictions. A quick look at the restrictions will help you in company formation:
You may not extend a period so that it lasts more than 18 months from the start date of the accounting period.
(a) the company is subject to an administration order; or
(b) the Secretary of State has directed this; or
(c) the company is aligning its accounting reference date with that of a subsidiary or parent undertaking established within the European Economic Area. Countries comprising the European Economic Area are as follows:
Austria, Latvia, Belgium, Liechtenstein, Bulgaria, Lithuania, Cyprus, Luxembourg, Czech Republic, Malta, Denmark, Netherlands, Estonia, Norway, Finland, Poland, France, Portugal, Germany, Romania, Greece, Slovakia, Hungary, Slovenia, Iceland, Spain, Ireland, Sweden, Italy, United Kingdom.
The rules are same for the companies,
The only difference is that they don’t have any restriction on extending accounting periods. These companies will also have to use Form 25 for changing ARD. When a company is incorporated overseas and has a registered branch in the UK and also have to publish accounts in the country of incorporation.
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