Year End Accounts are more than just a balance sheet & P&L.
Filing statutory accounts is a legal requirement for any company registered as an LLP or Ltd Company. They are periodical accounts, usually year end that must be submitted to Companies House and to HMRC with the company tax return. They can be submitted either online or on paper.
The preparation of these accounts is often means gathering receipts and invoices from the last 12 months and putting them in order, allowing HMRC to decide how much tax you should pay. This process, however, can be far more active and useful.
Preparing and submitting statutory accounts is not always as straightforward as providing a balance sheet and a profit and loss account. Statutory accounting can often be a complex affair that requires disclosures to be made and so it is vital that your accounts are prepared by a qualified person who is aware of any legislative changes for that financial year.
Being beyond a passive tax calculation exercise, a company’s year end accounts give an indication on the public record of a company’s financial position and performance. While providing an internal measure of profit earned over a year and taxes due, annual accounts also signal externally how a company has performed and show its financial position.
By having tailored and specific support in place with the preparation of accounts, it can be more than just an annual compliance exercise and become a vital analytical tool. This can enable you to see which areas of your business contributed most to your past successes, identify current weaknesses, target solutions, and plan for what the company’s future needs might be. Alongside our taxation expertise, this form of analysis can additionally be used to minimise tax burdens.
Combined with the expertise of our Management Accountants and Chartered Tax Advisers, we can prepare your statutory accounts to fulfil legal requirements and then also advise you as to what the accounts mean for your business and tax liabilities.