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Annual accounts and tax return

Full annual accounts production by your own dedicated accountant

  Monthly, quarterly or annual management accounts

Fully HMRC compliant

Compiled and submitted to Companies House and HMRC

Get in touch with us today to get a free quote customised to your Final accounts business needs.

 

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What do you need to know?

 


Why does a business need accounts?

Business organisations prepare final accounts for various reasons. Some are internal while others are due to external business environmental factors.

For starters, the law mandates certain types of businesses to prepare and produce final accounts at least once in a year, to help in the filing of tax returns with the HMRC. Through these end-year accounts, both the company and the HMRC gets to know how much tax the firm owes, and is, therefore, able to respond accordingly eliminating the risk of violating the tax laws.

The usefulness of the accounts also extends beyond tax compliance. They help highlight the financial position of the company. They illustrate how well the firm is performing, as well as the areas in which the business needs to improve. Such information assists the business stakeholders to come up with sound business decisions. A practical example is a situation where the accounts reveal an undesirable low-profit margin. Based on the findings, the business owner could decide to either increase the selling price, or reduce the costs by sourcing for cheaper supplies. He or she could shift to a new supplier or renegotiate the price offered by current vendors.

Similarly, the final accounts can help to single out the products and services that are profitable and those that are not. Making it easy for a business owner to decide to focus more on the profitable ones while cutting the less useful.

Last but not least the accounts help to keep track of the payables, receivables, debtors, and creditors, thereby resulting in a financially healthy company.

 

 Why not give us a call so that we can help you decide how frequently your business requires accounts to be produced?

For the reports to be helpful to your enterprise, they must contain accurate and up-to-date information. Moreover, they must satisfy your company”s financial reporting needs, the industry-best practices as well as the HMRC specifications.

It is worth noting that organisations require different types of accounts for varying purposes. There are those that need frequent monthly management accounts while for others, the annual statutory accounts suffice. Regardless of the reason for which you require the reports, however, it is beneficial to you and your firm if you enlist the services of a professional. Not only will you get accurate and comprehensive accounts, but you will end up paying the precise tax amount due to the HMRC. 

Furthermore, it will prevent you from falling into the snare that traps many business owners who prepare their final accounts hoping to save a few pounds, only to end up incurring significant avoidable expenses. These extra charges could be in the form of overpaying tax, and incurring penalties or interests due to underpaying tax, or failure to claim the allowances and expenditures entitled to the firm.

 

What’s involved with compiling your accounts?

Your set of Annual Accounts and Tax Return will include:

Full Annual Accounts for HMRC

Abreviated Accounts for Companies House

Tax Return (CT600)

Trial Balance

Schedule to Accounts

Our final account preparation service is relatively straightforward.

We use your Bookkeeping records prepared either by you or us to compile the reports. We take our time to examine the records thoroughly to ascertain it lacks errors of omission or commission.

When we are confident that the records are accurate, we proceed to produce the set of ”working papers” which we will use for calculations needed to convert the book-keeping data into a complete set of accounts.

After creating the accounts, one of our Senior Accountants double-checks them and if there are any issues, he or she makes recommendations. Such recommendations could include whether or not your firm requires VAT registration, restructuring, or a pension review.

Using our regulated professional template, we then proceed to produce your account and present it in the PDF or Paper format so that you can review them. In case, you have any questions, concerns, or you need clarification concerning the prepared accounts, we will happily address them at this stage, and make any practical amendments you might suggest. 

When both you and we feel satisfied with the accounts, we will produce the tax return and submit it to HMRC.

 

How much does all this cost?

All of our competitively priced accountancy packages include a full set of accounts along with many extra services and benefits to help your businesses.

Receive a free, zero-obligation quotation tailored to your business using our simple online form simply click on the button below. With no hidden or extra charges, our range of highly-competitive fixed fee servicesstart from as little as £19.50 per month for Sole Traders, and £49.50 per month for Limited Companies.

 

 
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