Accounts are prepared and submitted for a variety of business structures including Limited Companies, Limited Liability Partnerships, partnerships, sole traders and charities. A general accountancy practice that prepares accounts for client’s in many business sectors of all different sizes.
As a limited company you have a legal obligation to keep accounting records.
You are required to file your company’s tax return with HM Revenue & Customs and submit your annual accounts with companies’ house. Directors of the company are responsible for this, and you could be faced with a penalty if these are filed late.
As a sole trader, your financial year will run from the 6th April to the 5th April of the following financial year. Regardless of what time of the year you register, your first self-assessment tax return will be from the date you register, up until the 5th April of the following year.
You have up to the 31st October following the end of the financial year to submit your paper return, however by submitting on line, you have an extra 3 months giving you up until the 31st January.
If you are thinking of becoming self-employed and support in getting started, we can get you registered with HMRC. If you have already commenced trading however still need to register, you could face a penalty.
Management accounting is an important area for contemporary businesses, whether a small family company or a multi-national group.
There is no statutory requirement to produce management accounts, however production of management accounts is highly recommended as a tool for maintaining good business finance.
Management Accounts can help bridge a time gap between annual accounts and show you how your business is operating to best use your resources.
We can provide management accounts for you as and when required, the preparation of management accounts will enable you to:
Any charities with an income of below £500,000 are exempt from having an annual audit.
It is imperative that charities prepare their reports in accordance with the SORP and other relevant law.