Annual Accounts

Sole traders

For sole traders or partnerships there is no legal requirement to produce final accounts every year. It is however, necessary to produce annual accounts for various reasons.

• The Inland Revenue requires to see annual accounts in support of personal tax calculations
• For monitoring your financial and non-financial performance
• For other interested parties such as banks and lenders

How this may affect you

• You may not have the technical knowledge required to produce accounts
• You may not want to divert your focus from running your business to producing accounts
• You may require expert advice to assist you in making sure that you make efficient use of tax saving opportunities.

How we can help you

• We will produce annual accounts for you and assist you with preparation of your tax returns by taking advantage of available tax planning strategies.
• We will provide you with a high quality service at a reasonable charge thus saving you time and money.
• We will ensure that you meet statutory obligations by managing the timing for the production of your annual accounts.
• We will help you analyse your performance and suggest ways in which you can improve.

Companies

In the UK every year all companies are legally required to produce a set of final accounts and file them at the Companies House. This applies to all registered companies including those that are non-trading. The Annual accounts must include all of the following:

• A profit and loss account (or income and expenditure account if the company is not trading for profit)
• A balance sheet signed by a director and includes the printed name of the director who signed the balance sheet on behalf of the board
• Notes to the accounts

How this may affect you

• It may be difficult for you to concentrate on running your business as well as keeping up with all the legal obligations that comes with it.
• You may not have enough financial resources to have your own in-house accounts department
• You may not have sufficient knowledge of the Financial Reporting Standards to follow when producing your own annual accounts.
• You may be having technical problems with your accounting systems that you may require expert advice.

Dashwoods understands. That is why we are here to help.

How we can help you

• We will take the pressure off you by producing non-audited final accounts for your business and filing them at the Companies House.
• We will provide you with a high quality service at a reasonable charge thus saving you time and money.
• We will ensure that you meet statutory obligations by managing the timing for the production of your annual accounts.
• We will also help you to take advantage of tax planning opportunities.

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