The preparation of annual accounts is essential for the owners of a business to be fully aware of their trading position and fulfill their statutory obligations. Phillips & Co Accountants Chester assist directors of limited companies in meeting their statutory responsibility to prepare annual accounts in accordance with Company law and recognised accounting standards.
The filing deadline regarding the first set of accounts for a limited company is 21 months following the date of incorporation, thereafter 9 months after the end of the accounting period. The deadline for paying any corporation tax is 9 months following the company’s accounting period.
Our annual accounts service for Limited Companies includes:
Preparation of limited company accounts using information provided from the books and records of the company; Usage of the most up to date accountancy software; Liasing with company directors to ensure that statutory deadlines are met.
Sole Traders and Partnerships
Our annual accounts service for Sole Traders and Partnerships includes:
Preparation of accounts which form the basis of sole proprietor’s or partners’ income tax returns.
Our management accounts service includes the preparation of management accounts on a monthly, quarterly or half-yearly basis depending upon your specific requirements.
The advantages of using management accounts include:
Up to date information is available thus facilitating management decisions, which may otherwise be delayed until the preparation of the annual accounts; Certain catergories of expenses can be expressed using accounting ratios; Facilitates comparisons to budgets and forecasts; Improves overall control of the company’s financial position; Ensures that your company does not pay unlawful dividends.