Accounts preparation

Accounts preparation

All businesses are required to keep accounting records, whether you are a sole-trader, partnership or limited company.  A limited company has the added requirement to file their annual accounts with Companies House.

A set of accounts usually includes a profit & loss account and a balance sheet and will show the profit or loss during the accounting period along with details of the assets and liabilities of the business.

We can prepare accounts for sole-traders, partnerships and limited companies so why not get in touch today.

Bookkeeping

Bookkeeping is the practice of recording your business transactions ready for use in preparing accounts and, if required, VAT returns. This can be as simple as writing the transactions manually into a book and totaling them periodically, to more complex spreadsheets or even using specialist accounting software.

Making Tax Digital (MTD) will require records to be submitted quarterly to HMRC so now is the time to get into the habit of recording transactions as you go, rather than waiting until the end of the year. There will also be a requirement to record transactions digitally, now is the time to start reviewing the options available for complying with the requirements.

Why not visit our FAQ page for more information about MTD

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