Annual Accounts
For a limited company, Annual Accounts are a legal requirement and must be submitted to Companies House and to HMRC along with your year-end corporation tax return.
For a sole trader or partnership Annual Accounts will be required to support the tax return submitted to HMRC and the same accounting rules apply to year-end Annual Accounts as do to Statutory Accounts. The only real difference is that there is a lot more flexibility over the layout, format and disclosure. And of course, they do not need to be filed at Companies House.
Therefore each trade or business, sole trader or partnership, will need to produce year-end Annual Accounts and these should be planned for. The contents will normally include a Balance Sheet and Profit & Loss statement but may also include forecasts, cash flows and other management information that the business requires.
Annual accounts are an invaluable tool for the business owner but too often they’re overlooked. Understanding your accounts is a fundamental part of understanding your business, so we take the time to discuss your accounts with you at draft stage so that you can gain the most advantage and assistance in running your business successfully.
This helps you to understand how your business is operating, to assess any previous business decisions and to see if any economies can be made.
This task should not lead to any lost sleep and should really be quite straight forward and should dove-tail into the normal business year-end routines. We’ll ensure the preparation of your annual accounts is completed efficiently and that all statutory deadlines are met.
We’ll also provide an easy to understand interpretation of the numbers so that you have meaningful information to help you plan and take business decisions. We’ll also help you take advantage of tax planning opportunities and maximise your assets for the coming year.
Working with John Nuth
We aim to provide a:
- Professional service at all times
- Practical and efficient answer to our clients’ questions
- Personal approach that works with and supports our clients.
Our approach is different for every client. Some clients enter relationships with us with limited understanding of the accounting process whilst others already using software to help with their financial processes. We offer comprehensive advice and bespoke accounting solutions. From preparing accounts on a month to month basis to the more standard annual return.
