What are Accounts?
The accounts, or financial statements, are the formal records of the financial activities and position of a business, person, or other entity.
These can be annual accounts as part of statutory reporting or filing requirements, or more regular management accounts on a monthly or quarterly basis to review business progress and assist in making sound business decisions.
Why is it important?
As a limited company, financial statements are to be prepared for the shareholders, for filing on public record with Companies House and for including with your Corporation Tax return filing with HM Revenue & Customs.
As a sole trader or partnership, the preparation of accounts will form the basis of your self assessment tax return.
It is important to get these right to ensure business decisions can be made, remuneration and dividends can be legally declared and ensure all filing deadlines are met to avoid penalties.
Why choose Edison Hallé & Co?
Preparing financial statements is the bread and butter of accounting. This isn't to say it is not difficult - there are different accounting standards that can be used - different accounting principles to be applied. These have different consequences for what is published at Companies House and for dividend planning.
Edison Hallé & Co are up to date with all current and changing legislation so you can have confidence your accounts are compliant with all relevant standards.