Every UK Incorporated business is required to complete a set of accounts on an annual basis. These accounts are then used to calculate the corporation tax liability based on profits and other income.
The accounts are not only required by Companies House and the HMRC but can also be useful for directors when requesting finance and also to provide information about the profitability of the business.
To prepare accounts, adequate book keeping and record keeping is required. The Book keeping can be a very time consuming part of running a business.
Many businesses also find it useful to prepare periodic management accounts. These can be done monthly, quarterly or even 6 monthly.
Monitoring and controlling the financial performance of your business will help you with tax planning and regular management information is vital to the continued success of your business. We can either carry out this function for you or help you set-up internal bookkeeping systems to generate the information.
VAT reqistered businesses need to keep up to date records on a more frequent basis. Management accounts in line with your VAT returns could help you prepare for the future.
Having management accounts can provide you with regular management reports to keep you informed on essential areas such as:
Contact us today to see how we can help you with your accounts.