Accountancy Services

Overview

Every business needs to prepare annual accounts each year, either because of the Companies Act or because they are required to support the entries on their tax return.

We prepare the following sorts of accounts:-

  • Sole Trader
    We prepare annual sole trader accounts and at the same time prepare the annual self assessment tax return, so ensuring the tax and accountancy compliance is deal with in one meeting.
  • Partnership
    We prepare Partnership and LLP Partnership accounts and the supporting Partnership tax computations showing the allocations of the profits between the Partners.
  • Limited Company
    We prepare the annual statutory accounts which include all the notes and discloses which are required by Companies Act, abbreviated accounts for filing at Companies House and the associated electronic corporation tax returns for HM Revenue and Customs.

Your annual accounts are necessary for regulatory requirements and tax disclosures but they have a potential to offer you much more. They can provide a vital tool to help you business run smoothly and provide information for forward planning. Thus preparing Accounts in a timely fashion helps the business progress.

FAQs
How should I value my stock at the year end?

Stock should be valued at the lower of cost or realisable value.

When should sole traders pay their income tax?

The self employed pay income tax on 31 January and 31 July.

How long do limited companies have to file their accounts at Companies House?

You have nine month from the end of the accounting period.

How long do LLPs have to file their accounts at Companies House?

You have nine month from the end of the accounting period.

Tips

Maintaining good records can mean the difference between a business being a failure or long term success as HMRC believe poor record keeping is a problem in around 40% of all SME business’s (small & Medium).

When preparing your Accounts you should consider who the end user will be.

Avoid potential VAT penalties for late payment of VAT by signing up for Debit Debt on your HMRC dashboard.

Contact

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