Why must you prepare annual accounts?
If you are a limited company or limited liability partnership (LLP) the law says you must have annual accounts prepared and have the accounts filed with Companies House.
Limited Companies also need to file a copy of the accounts with HMRC to agree your Corporation Tax bill.
Sole Traders and partnerships do not need to file accounts with any regulatory authority but they are used to help you monitor the health of your business and to form the basis of the figures that need to be shown on your annual self assessment tax return that is filed with HMRC.
Annual Accounts are also used as evidence of income to support a mortgage or similar finance application.
What is involved in our annual accounting service?
This is a core service for us and our team has a combined experience over over 150 years of preparing annual accounts!
We constantly keep abreast of technology and regulatory changes to make the preparation of your annual accounts as quick and as painless as possible for you.
We prepare accounts on a timely basis for
- Limited Companies
- Limited Liability Partnerships
How quickly will I receive my annual accounts for review?
With your agreement, we like to have the accounts prepared for you to review within 4-8 weeks after the accounting year end.
Your accounts are a record of your businesses financial success over the previous twelve months and a snapshot of its assets and liabilities at the balance sheet date. This business information will naturally become less relevant the longer the time period that it relates to.
One of the reasons why we recommend clients to move to online accounting systems like www.xero.com is because it means it is far easier to achieve these timescales and also allows us to provide a valueable, yet cost effective management accounts service
Timely accounts help; you budget for your tax bills as you will be aware of the amount due well before the due date.
What else do you receive as part of our annual accounts service?
We believe it is important to meet up with you to discuss the final figures and to understand your plans for the future. As part of this meeting we will also conduct a financial review of your past 5 years results, where available.
This will ensure that you understand your accounts fully and get maximum value from them in terms of the planning and other business improvement opportunities the accounts can help identify
We also aim to meet you prior to your business year end to carry out a Financial Health Check, we do this to keep you aware of the latest tax reliefs so that you can take advantage of them at the earliest opportunity.
How do we charge for this service?
For over 10 years our clients have benefited from our ‘Fixed Price Agreement’ – an fixed price agreed up front to cover the service(s) you would like us to provide .
The fee is agreed with you at the start of your accounting year and is payable over twelve monthly installments by direct debit. This helps with your business budgeting and reduces everyone’s administration burden and of course means no unexpected accountancy bills!
We prefer to spend our time advising you on how to make your business more profitable than spending time working on the annual historical accounts and to assist this we like to work with you to improve your accounting records. This speeds up the accounts preparation and helps you manage your business better.
Interesting in finding out more how our proactive accountancy service can help you grow your business? Please use the contact us, or better yet call us now on 0118 923 5800, we would love to hear from you.