Accounting Services
Most businesses are required to produce a set of accounts at least once per year. These accounts form the basis for the tax return to the HMRC to determine how much tax is due.
Accounts can be produced as frequently as you need them. So, if you require frequent up to date information about the performance of your business then monthly management accounts will possibly be best suited for you. However, if your business is very small and you have a rough idea of how well you are doing then you may only want the statutory annual accounts.
It is nearly always better for a professional to produce your business’ accounts because an accurate and comprehensive set of accounts will be of much more use to both you and your business, and will ensure that you are paying the correct amount of tax to HMRC.
Small businesses should avoid the temptation whereby owners have completed their own accounts to save money and later find out that in the end it has cost them much more in the way of penalties and interest charged by HMRC for tax underpayment, or by not claiming for all of the expenses and allowances the business was entitled to claim and overpaying tax.
Producing accounts can be very complex and it can be easy to make mistakes, this is why it is nearly always better to hand it over to a professional and get on with the more pressing task of running your business.
As part of our accounting service, we can tell you from your accounts how well your business is doing and we highlight areas that need to be addressed. We also utilise the vast amount of information contained within a set of accounts to advise you on how to improve your business.
We will always give you the opportunity to ask us any questions you may have about the figures given in your accounts and anything else you are unsure of.
Most businesses are required to produce a set of accounts at least once per year. These accounts form the basis for the tax return to the HMRC to determine how much tax is due.
Accounts can be produced as frequently as you need them. So, if you require frequent up to date information about the performance of your business then monthly management accounts will possibly be best suited for you. However, if your business is very small and you have a rough idea of how well you are doing then you may only want the statutory annual accounts.
It is nearly always better for a professional to produce your business’ accounts because an accurate and comprehensive set of accounts will be of much more use to both you and your business, and will ensure that you are paying the correct amount of tax to HMRC.
Small businesses should avoid the temptation whereby owners have completed their own accounts to save money and later find out that in the end it has cost them much more in the way of penalties and interest charged by HMRC for tax underpayment, or by not claiming for all of the expenses and allowances the business was entitled to claim and overpaying tax.
Producing accounts can be very complex and it can be easy to make mistakes, this is why it is nearly always better to hand it over to a professional and get on with the more pressing task of running your business.
As part of our accounting service, we can tell you from your accounts how well your business is doing and we highlight areas that need to be addressed. We also utilise the vast amount of information contained within a set of accounts to advise you on how to improve your business.
We will always give you the opportunity to ask us any questions you may have about the figures given in your accounts and anything else you are unsure of.