If you run a business you are required to prepare annual accounts. The accounts will form the basis of your tax calculations – so it is important to get them right!
The format of the accounts and the deadlines involved depend on whether you run your business as a sole-trader, partnership or limited company.
|Format:||Accounts for a sole-trader or partnership have no set format but must have a profit and loss statement and often include a balance sheet.|
|Deadlines:||Forms part of your self-assessment tax return. Deadline is 31 January following the end of the tax year.|
|Format:||Accounts for a limited company are more complex as they must be prepared in a specific format in accordance with Companies Act 2006.|
|Deadlines:||Nine months after the end of your company financial year end.|
Where we come in…
- Advise you of the records you need to keep and provide to us
- Keep you informed of the deadlines involved
- Prepare and submit the accounts for you using our market-leading software
- Carry out a full tax efficiency review to ensure you are minimising your tax liabilities
- Talk the accounts through with you face-to-face or over the phone to ensure you understand them fully