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Accounts Preparation

Accurate accounts preparation is fundamental for any business. Accounting records are kept for a number of reasons; to show if a business is making a profit or loss, how much the business is worth and whether they are owed or owe any money. They also form the basis of an organisation’s tax return.

Accurate accounting records allow a business to;

  • Track sales, expenses, debtors and creditors.
  • Apply for additional funding.
  • Pay tax accurately and on time, thus avoiding penalties.
  • Comply with tax legislation.

Business owners can be penalised for not keeping adequate accounting records, failing to keep records for required periods of time (usually 6 years) or filing inaccurate tax returns.

Who must prepare accounts?

All limited companies and limited liability partnerships (LLP’s) must prepare and file company accounts to Companies House every year, regardless of whether your company is active or dormant, and these will form the basis of the corporation tax return for limited companies and the partnership tax return for limited liability partnerships.

Any business that must submit a partnership tax return or individual that must submit a self-assessment tax return will also rely on accurate accounting records.

Do I need an accountant to prepare my accounts for me?

Hiring an accountant to prepare your accounts is not mandatory. If you’re confident that you can deal with your business finances yourself, it is possible to file and prepare your accounts without engaging an accountant.

However, as business owner, whose strengths may lay in different areas, is slaving over the books really the best use of your time?

Employing an accountant to prepare your accounts will free up your time so you can focus on the day to day running and growth of your business.

Our accounts preparation services

At PW John and Co Accountants our team will work with you to ensure that your accounts are prepared fully and accurately. We can also assist with filing your accounts and  preparing and filing your tax returns.

Get in Touch

Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.