Beyond handling your annual accounts for you, remembering and meeting the submission deadline on your behalf, and giving you the peace of mind that your submission will be complete and correct, in the course of completing your accounts we can help you with tax planning. Our accountants are chartered tax advisers, which means that they have the skills and experience of the UK tax system to save you money on your tax-bill, which, in the case of your accounts, means more money in the bottom line for you.
This is a summary of the information already held by Companies House, such as the registered address and list of key officials, and serves as an update in the instance that any of these details have changed. This section may also contain information about the company itself, such as its fixed assets, which are normally recorded in a separate register.
This section typically gives information about the company directors, their responsibilities and principle activities. It may also contain information about the number, type and allocation of shares between these individuals and, in the case of a company above the audit threshold, the names of those responsible for the auditing of the accounts that follow.
For companies above the audit threshold (currently an annual turnover of more than £6.5m, assets more than £3.26m and an average number of employees not exceeding 50 in one year) an independent audit of accounts is necessary. In this section, the responsibilities of the directors are clearly outlined, along with the basis for the opinion of the auditors, which is expressed in their report.
A simplified ‘grand total’ version of the detailed profit and loss account giving an indication of the bottom line for that year.
This is a detailed snapshot of the end-of-year accounts showing debts, assets, cash, liabilities, and so on.
This section is used to clarify and elaborate on items in the accounts. Items such as debts, going concerns and contingent liabilities are often not well, or completely, expressed by a single number since they can easily depend on a variety of external and internal factors. The notes section provides the opportunity for these details to be elucidated. In the case of consolidated financial statements, where a statement is given for a controlling company in respect of its subsidiaries, the notes usually contain a list of those subsidiaries as well as information about the controlling interest of the parent company.
The Trading Profit and Loss Account is a comprehensive breakdown of a company’s financial performance during the year. It is actually comprised of three different accounts: The Trading Account, which gives the gross profit after production costs are subtracted from revenue; The Profit and Loss Account, which calculates net profit after deduction of expenses; and The Appropriation Account, which shows how profits are distributed, whether as taxation, dividends, drawings or re-investment.
Not all of these sections are required for all companies, but whatever you do submit must be correct for your company type, and in the correct format with all relevant and required information. The accounts themselves can be complex. Common mistakes include arithmetical errors, missing signatures, incorrect statements to the account and incorrect statements of audit exemption. Errors usually result in rejection of the accounts and an automatic late return fine.
Communications with HMRC & Companies House
Self Assessment Tax Return
CT600 (Company Tax Return)
Monthly Management Accounts
Accounting Systems Set-up
Business Startup – Company Formation
Benchmarking and KPI’s
Virtual / Part-Time Financial Director / CFO
Non-Executive Director (NXD/ NED)
Disaster Recovery Systems
Monthly / Quarterly / Annual Performance Meetings