Preparation Of Annual Accounts
Every business big or small is legally required to prepare an account at least once in a year. It may be called annual accounts, financial statements, published accounts or in some cases annual business accounts.
Annual accounts are the summary of financial information including business balance sheet, trading profit and loss accounts, statement of value added, notes and other reports.
Listed below are some of the reasons why Annual Account is required:
- Determination of profits for the purposes of declaring dividend, bonuses, and knowing tax liabilities.
- Filing of returns at Companies House, tax authorities, charity commissions and other statutory authorities.
- Analysing and comparing year to year business performances and planning for the future. The completion of self-assessment tax returns; and
- The completion of self-assessment tax returns;
- To meet legal requirement that a business should show its stewardship to the users of the account such as, the regulatory authorities, the shareholders, the partners, the staff, and the general public.
Please contact us today and we will prepare a stress-free annual accounts for you.