Accounts form part of the financial statements.

Depending on the size of your business, there may be certain requirements for your financial statements to show information in a certain way.

However, it is usual to have an income statement, and a statement of assets. Aside from any compulsory requirements, these documents can be useful in helping you (and other 3rd parties should that information be made available to them) determine the financial health of the business. These statements will also help to determine how much tax is to be paid, whether that business is run as a sole trader, partnership, limited company or other entity. Once prepared, the information in financial statements is historic, but it can help to form an opinion for future planning. If your business is run via a limited company, then filing at some level at Companies House, will be required.

We will ensure that your accounts are filed in accordance with the latest legislation and according to recommended practice.

If in doubt, talk to us.

Tax Local Accountants – for your small business needs – 01279 216 000.