Whether you trade as a sole trader, limited company or a partnership, you will be required to produce annual accounts.
Key objectives in accounts preparation are to ensure that the accounts are compliant with all statutory regulations, to assist with the calculation of the businesses tax liability and to ensure that the accounts and tax return are filed in a timely manner, thus avoiding any penalty. Whilst undertaking this exercise we are able to gain an insight and understanding of your business in order to provide accurate, tailored advice and recommendations to suit your needs and requirements.
In addition, a set of year end accounts produced by a qualified accountant will help to ensure good record keeping and controls exist within your business. This could prove pivotal during HMRC compliance visits or when answering enquiries from HMRC.
We believe that it is good practice to prepare the accounts in a timely manner; this will enable you to know how much tax you may have to pay in advance of when it is due. With this in mind, we aim to have them completed within 3 months of your financial year end. This also enables the business to focus on the current financial year.