For every business, whether it be a sole trader, partnership, Limited Liability Partnership or a Limited Company – a set of annual business accounts is essential for taxation purposes.
Every business has to publish accounts yearly for taxation purposes.
- Prepare the accounts in required formats to discuss with your Lambert Chapman LLP Relationship Partner
- Review the records for any weakness and make recommendations to you for improvement
For every business, whether it be a sole trader, partnership, Limited Liability Partnership or Limited Company, a set of annual business accounts is essential for taxation purposes. As an established firm of Chartered Accountants, we are able to deal with this process on your behalf.
For the smallest sole traders and partnerships this might be an income and expenditure account to allow a three line set of accounts to be reported on the self-assessment tax return. For those with turnover in excess of £30,000, analysing the figures on the self-employment pages of the tax return. As the business size grows a balance sheet is required to take into account the greater level of sophistication and to keep a record of fixed assets and amounts owed to and by the business.
A Limited Liability Partnership is required to prepare accounts in line with the Statement of Recommended Practice for LLP’s and our staff are familiar with these requirements.
A Limited Company must prepare accounts using standard formats with accompanying notes disclosing items required by the Companies Act. For smaller companies there are exemptions allowing a lower level of disclosure which our staff utilise to restrict the information reported. Limited Companies are also permitted to file Abbreviated Accounts at Companies House which again restricts the information available to competitors, and we always ensure that these are prepared on your behalf.
Our Terms of Business relating to Annual Accounts.
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During my years of dealing with related businesses (majority being group companies) the concluding meeting point on finalising the end of year financial statements is sometimes ‘what management charges should we apply?’ To have this as a final adjustment within the...
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