Understanding the difference helps London owners‑managers stay compliant, keep cash flowing and grow with confidence. This guide clarifies where and how to file, what to separate and what changes are coming.
TL;DR / Key Takeaways
- Company accounts are statutory financial statements filed with Companies House and HMRC personal accounts cover individual self‑assessment tax reporting.
- All UK limited companies must file annual accounts, including dormant ones; first accounts are due 21 months after incorporation, then 9 months after year end.
- Dormant companies still need to file, even if no trading or tax is due.
- Separating business and personal finances is legally and practically important for clean records and tax compliance.
- By 2025–2027 UK rules move toward digital filing and more detailed disclosures for small entities.
- Interface Accountants offers London‑focused fixed fee support with reminders and cloud software to simplify filings.
What exactly are “company accounts” vs “personal accounts”?
Company accounts are the statutory financial statements filed for a legal entity; personal accounts handle individual self‑assessment tax. What are company accounts? These are the formal, public records showing a company’s financial position. They include a balance sheet, profit and loss, notes and directors’ report where required. They are filed with Companies House and sit alongside your corporation tax matters with HMRC.
What are personal accounts?
Personal accounts refer to an individual’s tax returns and self‑assessment records. There is no Companies House filing for individuals, only HMRC tax reporting tied to the person’s personal finances.
Key contrasts at a glance
- Legal entity: separate company vs. individual.
- Filers: directors/company vs. individual taxpayer.
- Main filings: statutory accounts, CT600, confirmation statement vs self‑assessment.
- Where filed: Companies House + HMRC vs. HMRC only.
- Public visibility: company accounts are public personal tax details are private.
Filing obligations and deadlines: Companies House vs HMRC
The summary: Companies House and HMRC have distinct filing duties. Staying on track avoids penalties and helps lenders see your business clearly.
What UK limited companies must file each year
- Annual accounts, confirmation statement and Corporation Tax Return (CT600).
- Accounts show the company’s financial position; CT600 relates to corporation tax.
- Details must match HMRC records for tax purposes.
Deadlines to know
- First accounts: 21 months after incorporation.
- Subsequent accounts: 9 months after year end.
- CT600 to HMRC: within 12 months of the accounting period end; tax due about 9 months and 1 day after the period ends.
Where and how to file
Companies House accepts online filing or via software; HMRC handles tax returns. Expect a shift toward software only filing in the near term.
Is a dormant company required to file?
The summary: A dormant company must file if it exists, even without activity.
How to file dormant accounts
- Confirm the company is genuinely dormant with no significant accounting transactions.
- Prepare simplified dormant accounts.
- File online with Companies House (or via software/agent).
- Meet the 9‑month deadline to avoid penalties.
Penalties and status
Late filing penalties can apply to dormant accounts just like active ones, so timeliness matters.
Best practice on bank accounts and separating finances
The summary: A clear separation protects you legally and makes bookkeeping easier.
Do you need a company bank account?
Yes A dedicated account helps track business cash and supports compliance.
What happens if you mix personal and business finances?
Mixing funds can blur records and invite HMRC scrutiny or director’s loan issues.
How to choose the right bank account for a small UK Ltd
Look for low fees, good mobile access, easy reconciliation and London‑based support.
Quick-reference: best company bank accounts
- Digital features, simple integration and clear pricing are common advantages.
Regulatory changes and future proofing (2025–2027)
The summary: Digital filing and broader P&L disclosures are on the horizon.
What changes are coming?
Accounts will move to software based submissions with digital records and reminders.
Disclosure thresholds and P&L requirements
From 1 April 2025, thresholds change by 2027 small and micro entities may file full P&L along with the balance sheet.
Practical impact for small/micro entities
Expect more visible financials and a need for solid digital bookkeeping practices.
Our takeaway for small London companies
Plan for software adoption, consider a dedicated accountant and set up automatic reminders.
Real-life examples / use cases
Use Case 1: Contractor switches from personal to company structure
A London IT contractor invoices through a company, maintains a separate bank, and files annual accounts and CT600 while the owner still completes a personal self‑assessment.
Use Case 2: Dormant company with no trading
Newly formed company with zero activity files dormant accounts on time to stay compliant.
Use Case 3: Small owner‑managed business adapting to new rules
From abridged to full P&L filings the business adopts cloud bookkeeping with professional support.
How Interface Accountants can help (local CTA)
Local expertise, fixed fees and proactive support help you stay compliant with minimal hassle.
Why choose Interface Accountants in London
We offer fixed fees, a dedicated local team and auto reminders to meet deadlines.
Services aligned to this topic
Company accounts filing, dormant company accounts, self‑assessment for directors, and cloud bookkeeping.
How we work for you
Simple onboarding, clear timelines and ongoing compliance support.
Next steps
Request a quote or book an initial consultation to get started.
Quick-start checklists and timelines
- Active trading: confirm accounting reference date, prepare accounts, file on time, submit CT600, file annual confirmation statement, set up bank processes.
- Dormant: verify status, prepare dormant accounts file by nine months, monitor for activity.
- Director‑self‑assessment reminders: track personal tax deadlines and align with company filings.
Final summary
In short, knowing the difference between Company Accounts and Personal Accounts helps you stay compliant, avoid penalties and present a clear financial picture to investors and lenders. With London focused support from Interface Accountants, you can simplify filings, protect your cash flow and plan for the future.
For practical help with filing deadlines, cloud bookkeeping, and fixed‑fee support, contact Interface Accountants today.
FAQ
Do I need to file accounts if my company is dormant?
Yes dormant accounts must be filed to avoid penalties.
What happens if I mix personal and company transactions?
It creates messy records and possible tax issues; separation is recommended.
Can I file company accounts myself without an accountant?
Possible for simple cases but complex filings benefit from expertise.
What is the difference between filing at Companies House and filing with HMRC?
Companies House handles statutory accounts HMRC handles tax returns (CT600).
When is the first accounts deadline after incorporation?
21 months from incorporation date.
Will small companies have to file full P&L in the future?
Yes from 1 April 2027 for small/micro entities.
Do I legally have to open a company bank account?
No but it’s highly recommended for compliance and clarity.