Accounts Preparation Cradley Heath
Supporting limited companies with our Cradley Heath accounts preparation services. Calculating corporation tax and filing your year-end accounts to governing bodies.
Experienced and Accredited Accounts Preparation Cradley Heath
What Is Accounts Preparation?
Accounts preparation is a process that limited company’s will need to abide by each year. It involves completing a set of statutory accounts which will produce relevant documents that show the profit or loss of the company. This is typically shown on a balance sheet or profit & loss account. This is a process we complete for our limited company clients across the Cradley Heath area.
A set of statutory accounts must be produced after each financial year has concluded and is the responsibility of the company directors. The information needed for a company’s year-end accounts is usually gathered from the bookkeeping records & VAT returns.
Aside from showing the profit and loss of a company, accounts preparation also produces the figures needed to calculate that company’s Corporation Tax liability. As both processes are closely related, they are usually carried out hand in hand.
How much work it takes to produce a set of accounts will largely depend on the size and complexity of your business.
Finally, our accounts preparation services will also provide the opportunity for efficient tax planning. This allows us to analyse your records and determine the best course of action to maximise your income and reduce the liability of future periods.
Our business prides itself on customer satisfaction and is proud of the reputation we have built in the Cradley Heath area over the last 35 years. We help clients with a variety of tax-related services and appreciate every review and kind word we receive in return. You can check out some of our reviews yourself that our clients have left online.
Corporation Tax Calculations
Every year, limited companies are required to complete a company tax return. These returns must be filed within 12 months of your business’ year-end and all payments must be made to HMRC within 9 months and 1 day.
Once you have a set of accounts produced for the financial year in question, you will then be able to calculate any Corporation Tax due in that same period. As your accountant, we would assess your situation and analyse your books to see what reliefs or allowances are available, in addition to claiming any expenses we can.
If your Corporation Tax return is not filed on time HMRC are quick to issue penalties to the company. In addition to penalties, interest may also be charged on any outstanding Corporation Tax that the business owes, or that HMRC estimates you owe.
Using Accounts Preparation To Plan For Your Future
Although it is a legal obligation of a limited company to produce and file a set of statutory accounts each year, it can also yield crucial information and insight into your business. The data picked up by our experts at hand can be used to plan for future opportunities and maximise the efficiency of your business.
Your accountant will be able to utilize this information going forward to suggest suitable ways to maximise your income and reduce tax liabilities where possible. Typically this is done in the form of management accounts which produces various documents such as a profit & loss and a balance sheet.
Meet Our Team
Future Proof Accountancy Software
Our Cradley Heath accounts preparation services use up-to-date, cloud-accessible accounting software making sure your records are kept in a Making Tax Digital format. Our software takes regular backups to keep your records safe and secure and allows us to provide your business with easy-to-understand reporting.
Online accounting software that can help your business manage its finances and keep track of its records.
Award-winning accounting software to manage your business’s accounting, payroll, forecasts, and much more.
The UK’s leading provider for personal tax returns and year-end accounts.