Accounts Preparation, Personal & Business Tax
Whether you are a sole trader, partnership, limited liability partnership (LLP) or limited company we can prepare your accounts to fulfil your statutory requirements, ensuring you comply with the strict accounting and legal standards required.
Our team have the experience required in order to help support Limited Companies and aid them with the legal requirement of submitting annual accounts to Companies House. Your annual accounts show the financial activity of the company from the last 12 months. Accounts are composed of two financial statements:
Statement of Profit and loss
This is a summary of income generated and the expenses incurred, this statement will show if the company has benefited from a profit or suffered from a loss.
Statement of Financial Position (Balance Sheet)
This is a summary of all the assets that the company owns and the liabilities that the company owes. The balance sheet reflects the value of the company.
All Limited Companies also have a requirement to file Corporation Tax returns (CT600s) to HMRC. This return will summarise the figures shown in the financial accounts being filed to Companies House.
Accounts are prepared to agreed timescales and deadlines. Additionally, we will
- Identify areas where we can assist in minimising your tax liability.
- Identify areas of the business that give you the most opportunity to make improvements.
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take to achieve these.
- We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
We also provide periodic management accounts to allow our clients to assess their business on a more real time basis, and cater for Financiers or other external parties who may wish to monitor your business performance, if they have a vested interest.
Each tax year all directors, shareholders and self-employed individuals are required to file a personal tax return. Anyone who fails to meet the requirement of submitting a return is subjected to penalties. In order to avoid penalties from HMRC, we can assist in gathering your income detail from the files we hold and import all this data onto our software and submit to HMRC in time prior to the deadline.
Self-Assessment is a system of HM Revenue and Customs (HMRC) used to collect income tax. Tax is usually deducted from salary, dividends, pensions and savings. The self-employed and self-assessed are obliged to report this, and any other income, on their income tax return. Individuals and businesses (self-employed) with other income must report it in the form of a tax return.
Whether you simply need your annual tax returns completed efficiently, or you need complex specialist advice we are here to help. We work closely with our specialist tax advisers, mitigating tax and giving you peace of mind, whilst freeing up your valuable time by offering a comprehensive and tailored service.