ANNUAL AND MANAGEMENT ACCOUNTS
All limited companies are required to prepare annual accounts for shareholders, and for returns to HMRC and Companies House. The company’s annual accounts filed at Companies House are referred to as statutory accounts.
Company directors are legally responsible for ensuring the accuracy of the accounts and using the services of an accountant does not reduce or diminish this responsibility.
The company’s statutory accounts filed become publicly available and must be submitted within 9 months of the company’s year-end and comprise of the following:
- A directors’ report, giving a review on the business, performance and prospects.
- A balance sheet, highlighting company’s financial position on the year end.
- A profit and loss account, showing performance over 12 months accounting period summarising revenues, costs, expenses, profit or loss & tax charges.
- Notes, giving more details about the information in the balance sheet and the profit and loss account.
The Companies Act sets out how the accounts will be presented
- The format should also comply with UK accounting standards, which indicates how certain transactions should be treated in the financial statements.
- Directors have to make sure that financial statements give a ‘true and fair view’ of the company’s financial position.
Smaller companies generally do not require an audit if they satisfy any two of the following:
- annual turnover of less than £10.2 million
- total assets under £5.1 million
- 50 employees or fewer
Some exemptions are also available to micro-entities satisfying any of the two below:
- annual turnover of less than £632k
- balance sheet assets less than £316k
- 10 employees or fewer
Most medium-sized companies can file slightly reduced accounts satisfying any of the two below:-
- annual turnover of less than £36 million
- balance sheet assets less than £18 million
- 250 employees or fewer
Almost all companies use some form of accounting software to prepare their accounts which makes it relatively simple to provide the information your accountant needs. This information can then be used to review and improve the business operations and help in fulfilling legal requirements, filing statutory accounts, maintaining accounting records, future planning, recording transactions and purchases and sales for trading companies, recording stock and work in process, update and maintain a fixed assets register and numerous other things.
A number of our clients have already placed their confidence in CareAccountancy in preparing their year-end financial statements. CareAccountancy has all the experience and qualification to help their clients prepare and file their accounts efficiently and on time. Our services are available with them throughout the year to assist them with their financial statements.
More particularly, our book-keeping, accounting and tax computation and compliance services stretch to following areas
- Preparation of Sole traders, partnership, limited liability partnerships, clubs and associations and statutory accounts for limited companies
- Preparation of Management Accounts
- Advice on Starting Businesses
- Assistance with arranging banking facilities
- Preparation of Business Plans and Projections
OUR RANGE OF SERVICES
Maintain Accounting Records
The financial documentation must be kept in hard copy or electronic form to back up the tax returns. We can assist companies to keep and prepare legally required detailed accounting records which as a minimum should include details of:
- income and expenditure;
- assets and liabilities;
- stock and any stocktakings used to work this out;
- goods sold or purchased and who you deal with (except for retail transactions).
Finalize Annual Accounts For HMRC
- Certain prescribed forms are the basis for the company’s tax calculations
- They are submitted online with the tax return, within 12 months of your company’s financial year end.
- The tax becomes payable at 9 months so accounts are normally submitted around this date.
- We can finalize the annual accounts and assist businesses file their annual tax return online
Calculate Clients Tax Obligations
- Prepare legally required corporation and/or income tax computations
- Liaise on clients behalf with HMRC for the submission of returns.
- Assist clients with correspondence received from HMRC.
File Accounts With Companies House
- File reduced accounts for medium, small or micro-entity companies
- Take advantage of exemptions applicable to micro-entities
- File slightly reduced accounts for medium-sized companies in which some of the detailed information required for large companies can be omitted.
- File abridged accounts a reduced version of balance sheet, profit and loss account and directors’ report with an election made to only file the balance sheet with Companies House.
Payroll And Expenses
- It is important to get the employee related calculations right, whether the payroll is handled by the client or it is outsourced
- The business will be liable for incorrectly deducted tax and National Insurance and not the employee.
- We can help you on the payroll side and help you keep records for all expense claims
- Identify areas where accounting systems could be improved
- Assist businesses in accounting software selection to simplify their processes
- Simplify and systemise bookkeeping so as to allow transactions to be traced, keep record-keeping simple and cross reference transactions
- Review transactions and balances and ensure completion of transactions
- Preparing aging list and reconciliations
- Maintain a fixed-assets register, detailing assets by category, purchase date, purchase price, description and location for each item, sold or scrapped
- Creating annual depreciation charge, claim a capital allowance for qualifying assets, facilitating annual insurance on assets
- Assisting small companies get relief when purchasing qualified fixed assets
Our fee and charges for finalizing annual accounts and filing with Companies House and HMRC are very competitive. Please call us how we can help you with your annual accounts.
Make your annual accounts experience less stressful and more efficient and please call us at 0113 887 0218 or send us an email at firstname.lastname@example.org to have more know more as to annual accounts preparation and filing.