Annual accounts are financial statements which are a compulsory requirement for most businesses, but many businesses also like to produce financial statements monthly or quarterly to keep a close eye on their financial health.
Q: Who needs to complete annual accounts?
A: Sole traders, freelancers, contractors, small businesses and companies all need to complete annual accounts.
- Annual accounts are used as the basis for your tax return, which must be submitted to HMRC. HMRC can ask to see your accounts, so it’s important that they are completed correctly and kept up to date.
- Accounts allow you to keep a finger on the pulse of your business, highlighting areas of concern and ensuring that you’re aware of expenses and profit margins.
- For some businesses, monthly accounts can be valuable too, allowing you to keep a close eye on your business transactions.
Q: Why do I need a professional to complete my accounts? Can’t I do it myself?
A: You can, but…
- Leaving your accounts in the hands of a professional means that they will be completed efficiently and accurately.
- A professional accountant can save you time, money and stress by completing accounts quickly, ensuring you are paying the correct amount of tax and claiming for any and all expenditures correctly.
- Late filing penalties can be severe if you submit returns to HMRC after their deadline, and incorrect calculations made by you could lead to an unexpectedly hefty tax bill.
- Professional representation may be needed in the event of an investigation by HMRC.
So leaving your accounts to the experts makes sense – and leaves you free to concentrate on running and growing your business.
Q: Why should I choose The Accountancy Partnership to complete my accounts?
A: We can offer a comprehensive, easy to use accounting service at an affordable price.
Our service includes:
- Advice on the best frequency for your business accounts – monthly, quarterly or annually – and on bookkeeping too.
- Free use of cloud bookkeeping software
- Your own qualified dedicated accountant. Our friendly, experienced staff has qualifications from major accountancy and tax associations such as ACCA, ICAEW, AAT, ICPA, IFA, and FTA
- Unlimited help and advice, with regular recommendations for improving your business
- Automatic reminders to ensure you’re aware of important deadlines
- Free representation in the event of an HMRC investigation
- Free, easy-to-read guides telling you what you need to know about tax.
- A full set of accounts, including an income statement (showing sales minus expenses, along with profit or loss made) and a statement of financial position (showing the businesses assets minus the liabilities and the remaining equity).
Easy to use:
We aim to make the process as simple and stress-free as possible.
- First, we will look at your bookkeeping. You may have completed this yourself or we may have completed it for you. At this stage we check it carefully to ensure there are no omissions or errors.
- Next, we use your records to produce ‘working papers’. These are used to make the calculations which turn your bookkeeping figures into full accounts.
- Then your accounts are sent to another Senior Accountant for review and approval. They will also produce recommendations on any potential savings or more efficient practices that could be put into place. This could include tax-saving strategies, advice on VAT registration or a suggested pension review.
- Your accounts are then produced using our standardised professional template, and a copy is sent to you for review. This can either be in PDF format or on paper – whichever suits you best.
- At this stage, you can come back to us with any queries. We won’t take any further action until we have your approval.
- Once you’ve approved your accounts, we will produce your tax return and submit it to HMRC.
Because we operate online and our head office is situated outside the capital, we save on operating costs – and pass those savings on to you, meaning that even if you’re based in London, you won’t pay London prices for our comprehensive accountancy packages.
Our fixed fee services start from just £19.50 per month for Sole Traders and £49.50 per month for Limited Companies. There are no hidden charges or extras, and you can get a free, no-obligation quote at the click of a button.
Q: I’ve still got questions about your accountancy packages. How can I find out more?
A: We love to chat about our services and how we can help your business. You can call our London office on 020 3355 4047 or make an appointment to come in and see us at the below address:
201 E1 Studios
7 Whitechapel Road