Sole Traders or Partnerships
For a sole trader or a partnership, the annual accounts will form the basis of your Self Assessment tax return. Banks will also want to see the latest set of accounts for self employed individuals looking to raise finance or apply for a mortgage.
Limited companies are required to prepare annual accounts in accordance with the applicable accounting standards and file with Companies House and HMRC. The accounts will provide key information when calculating the company’s tax liability.
The important bits
Preparing your company’s accounts is not just a statutory requirement. A good set of accounts will help the directors and shareholders steer the business in the right direction. The accounts provide invaluable information about your business. You will see how the business has performed over the year and how it compares to the previous financial year. The accounts, when prepared correctly, will serve as the basis to help identify strengths and weaknesses, make informed decisions and drive success.
How we can help
Preparing for year end can sometimes be a stressful time for business owners. But it doesn’t need to be when you have your accounts in the hands of experts! We can prepare your annual accounts in accordance with the applicable accounting standards and file with Companies House and HMRC on time so you never have to worry about being legally compliant or receiving a late filing penalty. We will take care of all compliance matters so you can focus on running your business.