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Accounts for your business are often completed at the end of the financial year. They must include specific reports such as a balance sheet and a profit and loss account.
If you are a Limited Company, accounts must legally be filed with Companies House and HMRC annually.
A set of accounts also provides you with a clearer picture of how your business is performing.
Occasionally, third parties may ask to review your annual figures. For instance, if you are applying for a mortgage or business loan, or considering selling your business.
In some cases a lender will require an accountant’s reference. We can provide this on request if we have prepared your accounts and or tax returns for you.
Producing a full set of completed accounts for your business is not an easy task. Therefore, it is a task best completed with the specialist knowledge of a qualified accountant.
Here at Simple Taxes, our chartered accountants in England and across the UK are experts at preparing business accounts. We offer a 100% online service, to speed up and simplify your taxes.
We ask that you fill out a basic form on our website. This will help us to gain an understanding of your income sources. One of our accountants will then be in touch with you, to request any documentation we will need to complete the work. Documents are exchanged and e-signed via our free, secure online portal.
To prepare the annual financial accounts for your business, we require details of your income and expenses for the year. This can be relayed to us using spreadsheets, business bank statements. We can also use reports from software if you use it.
If you own a Limited Company, accounts are a legal requirement and must be filed at Companies House and HMRC every year.
In addition, accounts can be also be required for other scenarios such as; part of a mortgage or loan application process, to assist in the sale of your business, or even just for your own personal record to keep check on the performance of the business.
If you are a Limited Company, you must prepare and file accounts with Companies House and HMRC every year. Not doing so will result in some hefty penalties.
If you are a sole trader, annual accounts aren’t a legal requirement like they are when you have a Limited Company. However, you will likely be required to prepare your financial accounts at some point. For example, if you require a business loan, or you are applying for a mortgage.
There are a broad range of situations when you may require accounts preparation. From regular annual statutory accounts for your own personal use, to more unique circumstances. Some common cases include:
Yes, we can provide an accountant’s reference on request if we have completed your accounts and or tax returns for you. Ask your lender to email the reference request to your assigned accountant directly and they will be happy to help.
A 100% online service, specialising in the preparation and submission of self-assessment tax returns for the self-employed, CIS subcontractors, landlords, and employed high earners. We are a team of qualified, experienced accountants who are dedicated to bringing your tax needs into the modern age, with fresh ideas and a new way of carrying out all of your accounting services. We recognise that some people just need a ‘simple’ tax return completing. With our online service, we make filing your tax returns easier than ever.
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