Year End Accounts - Accountant in Sussex - Accountancy Services
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Year End Accounts
Each and every period of trading (normally on an annual basis) a business is required to complete a set of Trading Accounts, these accounts form the basis of the annual Tax Returns which will be submitted to HM Revenue and Customs annually.
The reporting requirements of your annual accounts depend upon how your business has been set up and the level of Income generated.
Sole Traders
In most cases the sole trader will require an Income and Expenditure Account, which shows the net fees raised (excluding VAT if registered), less any business expenses, giving a profit/loss for that trading period.
Partnerships
In the majority of these cases a full set of accounts will be produced which includes a Profit and Loss Account, Balance Sheet and Partners Interests in the business. The partner’s interests will includes movements in their Current Accounts to include Drawings and Profit shares.
Company Accounts
Each Company is required to complete annual Accounts which must be submitted not only to HM Revenue and Customs but also to Companies House. Depending on the size of the company and also its complexity the requirements and formats of the Financial Statements may change in order to meet the standards laid out by the various governing bodies. The full Company Accounts includes a Profit and Loss Account, Balance Sheet and Notes. The notes are generated in order to provide further Information about certain aspects of the Financial Statements.
The production of your annual Accounts is time consuming and will require you to be up to date with any changes that may have occurred in the periods between the production of each set of financial statements. I offer to carry out that service for you and to ensure that the accounts produced meet your requirements as well as those needed to meet with the appropriate standards of the various bodies, that will need to receive copies.
As part of our initial meeting I will obtain the end result that you will require for your Internal purposes as well as outlining the Information I will need in order to complete the Financial Statements ready for submission to HM Revenue and Customs and as appropriate Companies House. Once the Accounts are drafted I will meet with you to discuss the various issues that I have identified, any Key Performance Indicators and further recommendations that may be useful in making future decisions regarding your business.
The production of the financial Statements for each business is a very important task and in many cases the only time that the owner has a true understanding of how well the business is operating, this is why I will ensure that the accounts are drafted and ready for review to comply with the owner’s guidelines, by doing this the information will be current and the owner(s) will be able to make business decisions quickly and effectively.