First-year accounts for limited company in Minehead

First-year accounts for new Minehead 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 Minehead businesses: local facts

Minehead is in the Somerset council area, in the South West region. In Somerset, 22,160 of the 24,665 VAT- and PAYE-registered businesses in the 2026 ONS count have fewer than ten employees, around 90%. If you run a company in Minehead, you are in good company.

The largest groups of micro businesses in Somerset are construction (3,515), agriculture, forestry and fishing (3,430) and professional, scientific and technical services (2,900). If you work in construction in Minehead, Construction Industry Scheme deductions, retentions and stage payments can distort profit, so we reconcile your CIS statements before the accounts are prepared. That puts construction at 16% of the local micro-business base.

Zooming in, the ONS neighbourhood area around Minehead (Somerset West and Taunton 001) has 280 VAT- or PAYE-registered businesses, and 240 of them (86%) are micro businesses.

Somerset ranks 93 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 agriculture, forestry and fishing (3,430 micro businesses in Somerset), seasonal income, grants and farm equipment need careful year-end treatment, so we tie your accounts to bank records and an asset register. In professional, scientific and technical services (2,900 micro businesses in Somerset), 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.