Every company, no matter what its size, is legally obliged to maintain accurate financial records and to submit a complete set of company accounts detailing income and expenditure, together with profit and loss to HMRC every year. Failure to maintain these records or to file your company accounts with HMRC within the prescribed time limit can result in a substantial financial penalty.
Generally speaking, a set of accounts for each financial year will consist of:
A balance sheet signed by a director on behalf of the board
Notes to the accounts
A directors’ report signed by the company secretary or director
An accountants report signed by the accountant.
There are options with regards to what is filed at companies house , from micro entity accounts option giving minimal information to full detailed accounts. An abridged version of the accounts can be completed and signed off by a director to be submitted to Company’s House.
It is apparent therefore that in order to complete this complex obligation you must possess specialist knowledge of record keeping, bookkeeping and accountancy management.
Which is precisely why most business will employ an experienced accountant to act on their behalf.
Be aware though – not all accountants are equal. In fact anyone can call themselves an accountant and open up for business, but only someone who has studied intensely and who is fully qualified to the most exacting professional standards can describe themselves as a Chartered Accountant.
As a highly experienced Chartered Accountant we are fully qualified to undertake all the services related to preparing a set of statutory accounts and to assist us we operate the very latest and most up to date IRIS accountancy software. This is an advanced computer programme that is constantly updated to assist the preparation of accounts in a form that is fully compatible with the requirements of HMRC, Companies Acts and Accounting Standards and which enables us to submit the documents in a statutory compliant format.
Having an experienced Chartered Accountant such as KOB acting on your behalf not only saves you time and stress; it can also repay you with substantial financial benefits.
We will work with you to analyse your company’s performance over the financial year and we will help you to fulfil your legal obligations by providing an accurate and compliant set of company accounts.
In addition though, we will also advise you exactly what you can claim for and what you can’t, what is tax deductible and how you can legitimately minimise your personal tax, Company Tax and Corporation Tax obligations.
Without expert advice and guidance, you could find that you are paying far more than you need to.
Find out how KOB can assist you with your annual statutory accounts and discuss how our Tax Consultancy service could help you make substantial savings.