Annual Accounts

All business owners need to file Annual Accounts also known as ‘statutory accounts’ for HMRC which are prepared from the company’s financial records at the end of the company’s financial year.

By law, copies of annual accounts need to be sent to:

• all shareholders
• people who can go to the company’s general meetings
• Companies House
• HM Revenue and Customs (HMRC) as part of your Company Tax Return

Businesses have different deadlines for sending accounts to both Companies House and tax returns to HMRC.

Lall Ondhia can help to put together Statutory accounts which must include:

• a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
• a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
• notes about the accounts
• a director’s report

Depending on the size of your company you might have to include an auditor’s report.

The balance sheet must have the name of a director printed on it and must be signed by a director.

Lall Ondhia is able to:

• Prepare accounts to help with the completion of either self-assessment or corporate tax returns;
• Produce financial statements to file at Companies House and abridged accounts to ensure the minimum amount of your financial information is made public
• Ensure accounts are prepared to agreed timescales and deadlines

But we can do more than just report the history of what’s already happened…

• Identify areas where we can assist in minimising your tax liability
• Identify areas of the business that gives you the most opportunity to make improvements
• Use the accounts to help you measure where you are in meeting your goals and what actions you need to take

We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.