Whether you are a sole trader, partnership or limited company, you will need to prepare accounts at least once a year. The results from these accounts then assist with determining how much tax is owed to HMRC.
Year end accounts will show business owners how their business has performed over the year and from this information enable owners to plan for the future of the business.
Limited companies must submit their year end accounts in a suitable format to both Companies House and HMRC. These are called statutory accounts and there are penalties issued if the accounts are not submitted by their due date.
You should also prepare accounts for any rental property that you let out.
Business owners sometimes require to know how their business is doing during the year, these are called management accounts. These management accounts are usually prepared on a monthly, quarterly or bi-annually basis.
Annual and management accounts are prepared from the bookkeeping records of your business, whether you have done yourself or we have done for you. We will then turn this bookkeeping into meaningful accounts that will satisfy your annual compliance requirements and also assist you with making valuable business decisions.
Your dedicated Brash & Co accountant will be able to assist you with:
- Preparing management accounts at a frequency that suits you and your business
- Compile and submit statutory accounts in relevant formats suitable to HMRC and Companies House
- Preparing accounts for your sole trader business
- Preparing rental property accounts