Annual accounts
Annual accounts are extremely important as they show your financial position and results. They may be used by a variety of interested stakeholders for different reasons. Banks may use annual accounts, together with other assessment criteria to determine the level of loans and funds to give to you and your business. HM Revenue & Customs (HMRC) may use the accounts to calculate the level of Income Tax and Corporation Tax due.
A business trading as a sole trader, partnership or company is required to prepare annual accounts to properly discharge its statutory responsibilities to both Companies House and HMRC.
Minimising your tax liability, within the scope and remit of the law and tax legislation, together with making sure your annual accounts are fully compliant with all accounting standards and statutory regulations should be one of your accountant’s primary objectives.
Our service
As part of our enhanced annual accounts service we:
- Perform a 360 degree check – to fully understand your business inside out, enabling us to provide the very best professional quality advice, specifically tailored to your needs.
- Evaluate your business goals and objectives – both short term and long term to ensure their is synergy and a strategic fit with any professional tax and accountancy advice we give.
- Use plain English – to clearly explain your accounts so you can fully appreciate what it all means to your profit margins, cash flow, business plans and future growth potential.
- Prepare compliant accounts – the accounts and disclosure notes would be compliant with accounting standards and statute.
- Flex our style – we can compile accounts from whatever information you provide us, be that summaries or raw data from source documents or incomplete records.
- Minimise your tax liability – so you only pay the right tax amount at the right time
