For every business, whether it be a sole trader, partnership, Limited Liability Partnership or Limited Company, a set of annual business accounts is essential for taxation purposes. As an established firm of Chartered Management Accountants, we are able to deal with this process on your behalf.
For the smallest sole traders and partnerships this might be an income and expenditure account to allow a three line set of accounts to be reported on the self-assessment tax return. For those with turnover in excess of £30,000, analysing the figures on the self-employment pages of the tax return. As the business size grows a balance sheet is required to take into account the greater level of sophistication and to keep a record of fixed assets and amounts owed to and by the business.
A Limited Liability Partnership is required to prepare accounts in line with the Statement of Recommended Practice for LLP’s and we are familiar with these requirements.
A Limited Company must prepare accounts using standard formats with accompanying notes disclosing items required by the Companies Act. For smaller companies there are exemptions allowing a lower level of disclosure which our staff utilise to restrict the information reported.