Do you need help in preparing your annual accounts? Our team of Glasgow accountants at The Kelvin Partnership have vast experience in aiding and supporting personal and professional accounts preparation.
Because of its importance, we understand that the accounts preparation process can be daunting and stressful. We have endless experience in preparing accounts for review at HMRC, you can relax knowing that your year end accounts are in the safest hands!
What is Annual Accounts Preparation?
A company’s annual accounts are called the “statutory accounts,” and are based off of the company’s financial records at the end of their financial year. The purpose of preparing annual accounts is to present HMRC with a report of the financial activity the company has undertaken in the last 12 months. A company is also requires to file annual accounts with companies house annually.
What does Annual Accounts include?
It is essential that you prepare your annual accounts correctly, containing the right documentation and therefore, information. This report of annual accounts can be given to shareholders and other important figures involved in the company, as well as HMRC. Annual accounts must include:
- A balance sheet – this indicates the value of everything your company owns. This is also required to have the signature and name of the company’s director on it
- An account of your profits and losses over the year – this would include any sales made, costs of general business operations and overall profits and losses
- Any notes regarding the accounts
- A director’s report
- A report from the accountants – this would only apply if you have used an external accountant in the process of preparing the report
Why are Annual Accounts Important?
An annual account report indicates to HMRC as to what the financial condition of your business is and businesses have to submit their annual accounts to Companies House. Publishing the details of a businesses’ finances online allows for public view. Potential investors, clients etc., have the opportunity to view the financial information of the business at any time, as they please. Therefore it is vital that your accounts are accurately and appropriately declared, this will present the company is the best light possible. Because of this a fresh perspective on the matter can be appreciated. An accountant from The Kelvin Partnership will be able to identify any errors within the report, offer new advice and have a great amount of experience in helping businesses when submitting accounts to HMRC.
Who can Complete Annual Accounts Preparation?
The initial process of combining the information together should be attempted within the company. Some businesses don’t look for an external organisation to help with the preparation, however in most cases it is very beneficial to have accountant look over the information presented. It is up to the client to decide at what stage they need input from someone outwith the company. It could be at the very beginning of the process, guidance surrounding what they need to include, how it should be presented etc. However, it might also be at the very end as a review of the information. It is so important to ensure that valid and accurate information is presented to HMRC and Companies House.
Make sure your annual accounts are prepared in the best way possible with the help from The Kelvin Partnership.