First-year accounts for limited company in Swansea

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

Swansea is in Wales. ONS figures for 2026 count 6,850 VAT- or PAYE-registered businesses in Swansea, and 5,995 of them (88%) employ fewer than ten people. Many are small enough to use the micro-entity regime.

The largest groups of micro businesses in Swansea are construction (930), wholesale and retail (900) and professional, scientific and technical services (765). For construction companies in Swansea, 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 Swansea (Swansea 025) has 680 VAT- or PAYE-registered businesses, and 565 of them (83%) are micro businesses.

Swansea ranks 612 of the 1105 areas we serve by number of micro businesses, and its micro share of 88% is in line with the 89% average across them. In wholesale and retail (900 micro businesses in Swansea), 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. In professional, scientific and technical services (765 micro businesses in Swansea), 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.

Companies registered in Wales follow the same Companies House deadlines and Corporation Tax rules as the rest of the UK.