It is a very crucial legal requirement for business owners to comply with when it comes to company accounts preparation with the latest relevant accounting standards and laws.
The good news for you is that you don’t have to be up to date with all of the above, we are here to help at a very reasonable cost of accounts preparation for your business.
We can look after your accounts by studying your business in details, this will help you to be more focused on your business and monitor its performance.
What types of Accounts do I need to prepare?
Certain businesses need to prepare statutory accounts with certain regulation e.g Limited companies might have to prepare accounts under FRSSE which is now overtaken by new regulations, to mention few FRS 105, FRS 102, etc. We prepare statutory accounts as per business legal reporting requirements.
Sole traders and partnerships have to comply with different kinds of reporting requirements from limited companies.
In simple terms as limited company abbreviated and detailed accounts are prepared for statutory requirement to be filed with companies house and HMRC with the relevant tax return.
Can I increase or decrease my accounting period?
Yes, it is possible to subject to rules and regulations.
Can bookkeeping software be used to prepare statutory accounts?
In short NO, book-keeping software can help you in daily bookkeeping, draft management accounts, vat return, etc but statutory accounts are reported using a different format knows as iXBRL-Inline Extensible Business Reporting Language is the name for the format in which all future HMRC CT filings will have to be made.
We use special dedicated software to produce iXBRL format statutory accounts based on figures from your bookkeeping software.
Are there any deadlines and penalties for late accounts filing?
In short YES, there is a financial cost for being late for accounts and taxation filing especially if you are limited company director, have a look at the director's responsibility guide on our website.
Click here for more details on late filing accounts penalties for companies house
What are the Management Accounts?
We also provide monthly or quarterly management accounts if required. These are purely for you to monitor how well are you performing? It can also help you decide interim or final dividends calculations.