First-year accounts for limited company in Midhurst

First-year accounts for new Midhurst companies

Your first accounts normally cover a little over twelve months, running from the day you incorporated to your accounting reference date, and the period can never be longer than 18 months. For most companies the first accounts are due 21 months after incorporation. You must also register for Corporation Tax within three months of starting to trade.

First company accounts for Midhurst businesses: local facts

Midhurst is in the Chichester council area, in the South East region. In Chichester, 6,185 of the 6,870 VAT- and PAYE-registered businesses in the 2026 ONS count have fewer than ten employees, around 90%. If you run a company in Midhurst, you are in good company.

The largest groups of micro businesses in Chichester are professional, scientific and technical services (1,170), construction (885) and wholesale and retail (810). For professional, scientific and technical services companies in Midhurst, fee income, work in progress at the year end and how directors are paid are the key decisions, so we plan these with you before the accounts are finalised. That puts professional, scientific and technical services at 19% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Midhurst (Chichester 004) has 380 VAT- or PAYE-registered businesses, and 340 of them (89%) are micro businesses.

Chichester ranks 596 of the 1105 areas we serve by number of micro businesses, and its micro share of 90% is in line with the 89% average across them. In construction (885 micro businesses in Chichester), Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared. In wholesale and retail (810 micro businesses in Chichester), closing stock and the VAT treatment of different product lines are the usual pressure points, so we value stock carefully and check your VAT records.