ANNUAL ACCOUNTS
FAQ
Do I need to prepare Annual Accounts?
If you have a Limited Company, you must provide a set of Annual Accounts to HMRC and Companies House.
Annual Accounts become a public record and are accessed by Credit agencies, suppliers and banks to review the credit worthiness of companies.
If you're in a partnership or are a sole trader Annual Accounts are useful for helping prepare your tax returns under self assessment.
Annual Accounts are also required by shareholders and other stakeholders in your business to review performance over the year.
Do I need an audit?
Deciding on whether your accounts need to be audited is based on the size of your business.
If your business has a turnover over £10.2m per annum, has assets over £5.1m or over 50 employees, then an audit is required by law.
Smaller businesses can also elect to have an audit to satisfy the requirements of shareholders or other stakeholders on a voluntary basis.
We will work with your auditors to ensure that your accounts are prepared in a transparent and easily understandable way to help cut down on your audit costs.
Do I need full or abbreviated accounts?
Smaller businesses with less than 50 employees, turnover of less than £6.5m and assets of less than £3.26m can submit abbreviated accounts.
These give a view of the company's balance sheet at the end of the year and do not reveal items such as turnover or profit and loss.
Annual Accounts need to be submitted to HMRC and Companies House by all trading entities within 9 months of Year End.
They offer a snapshot of your business at the end of the accounting period and detail the policies and rules adopted to meet your statutory requirements.
At Munro we can help simplify the sign off process and guide you through the accounting rules to ensure your accounts are fully compliant under IAS and provide a clear picture of your financial performance through the year.
In conjunction with the wider business advisory services we offer, we ensure that best practice is adopted within your accounting procedures, taxes are minimised and maximum shareholder value is retained.
We can either assist your in-house accounts department or prepare your accounts in full and can:
-
Prepare final accounts for your approval
-
Guide you through accounting rules and review accounting policies
-
Ensure accounts are submitted on time
-
Simplify the sign off process
-
Advise on how to minimise tax and draw funds from your business
-
Ensure valuations and transactions are fairly and completely reported
-
Deal with Companies House and HMRC on your behalf
-
Prepare group accounts
-
Work with your auditors to ensure sign off
-
Advise on group structure
-
Ensure you are fully compliant
-
Highlight issues and opportunities within your business
We advise early completion of your accounts to allow time for you to review and adjust for any changes advised through the accounting, audit and tax calculation processes.
Why not contact our Accounts team today to see how we can help?