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
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