Year End Accounts And Tax Returns
Not the sexiest part of accountancy, but to avoid penalties it needs to be done correctly and on time.
Limited Companies
Limited Companies must submit an annual set of statutory accounts and an annual return to Companies House, along with a corporation tax computation and tax return to HMRC.
This is not something most small businesses perform on their own. Those who do often regret it when fines start coming in for incorrect/missing/late items. We can prepare these for you, either from your own figures, or from figures we have prepared using our in house bookkeeping service.
Sole Trader Or Partnership
If your business is a sole trader or partnership, the regulations are far less strict, and you do not need to file accounts with Companies House.
However, HMRC will require a set of accounts of a reasonable standard to accompany your personal tax return(s).
More people attempt this themselves than for Limited Companies, often without problem. However they may be missing out on allowable deductions they can claim which could reduce their tax bills, and they're unlikely to be aware whether they would be better suited to changing their legal status or similar.
