Every company has to file its statutory company accounts with Companies House within nine months of its year end. The penalties for late filing have increased substantially and are doubled if you are late for two years in a row.
Three questions about your annual accounts:
Does the process begin before the year-end to identify any issues to be resolved?
Do you consider profit-extraction and tax implications during the financial year or only afterwards?
How much attention do you give to the impression your accounts give to the outside world, customers, bankers etc?
If you are concerned about these questions when it comes to your company's statutory accounts, please give us a ring.
Our aim is to complete your company accounts soon after your year-end and we file them online at Companies House whenever you wish within the nine month deadline.
Depending on your requirement, we will produce your annual accounts under IAS or UKGAAP, the later been popular.
Our approach
Review draft numbers before the yearend to identify accounting issues, any work to be done to generate required data and tax planning opportunities.
Identify deadlines.
Finalise year-end numbers in client's bookkeeping system. Produce a Year-End workbook that details the key figures and gives explanations where required.
Consider the impact of the published results and any explanatory information to be included in the accounts.
Where no audit is required, consider the benefit of a non-audit financial review to examine the key numbers, make sure they are accurate and that the financial systems have been working throughout the period.
Draft the financial accounts and tax computation. Prepare disclosure checklist and discuss the draft numbers with the client. Identify any representations required from the client in respect of any numbers and accounting issues.
Consider any post balance sheet events and post year-end trading.
File accounts with Companies House and submit tax returns to HMRC.
We will
Provide feedback to clients on any thoughts that might improve
Systems and cost savings.
Cashflow
Profitability
Profit extraction
A new Companies Act has gradually been implemented during 2008 and 2009 which has changed the company accounts disclosure requirements and rules governing companies.
We offer service packages such as Company yearend service package (which covers Bookkeeping, Preparation of Annual accounts and Corporation Tax computation) to meet your budget or individual needs for your annual accounts and corporation tax returns.
For help with your company's accounts and the Companies Act, please email or call us.
