At Davis Grant, we strongly emphasise the principle that positive and successful business decisions are assisted by the ability to assess timely and accurate information. We enable you to adhere to this principle by ensuring that your accounting books and records are properly maintained either manually or by using our own computerised bureau bookkeeping service. This service can be specifically adapted to meet your individual requirements. We can also assist and advise on the introduction and development of your own computerised accounting and management systems.
As a minimum you will need trading accounts normally prepared annually. If there are any tax advantages to be gained by preparing accounts for a shorter or longer period we can identify the opportunity and advise you of your optimum choice. Once the accounts have been prepared and approved we will prepare the additional schedules to accompany your Self-Assessment Income Tax Return necessary for submission to the Inland Revenue.
The trading accounts needed by partnerships are often similar to those required for sole traders. Certain types of professional partnerships such as solicitors have additional requirements imposed both by legislation and their own professional bodies. Each partner will be required to submit an Income Tax Return and from 6th April 1997 each partner is separately responsible for his or her share of the partnership income and for the payment of his or her own tax and national insurance liabilities. This means that individual partners will no longer be liable to the Inland Revenue for the unpaid income tax liabilities of their partners arising from the partnership income. This will be a welcome improvement bringing peace of mind to many partners.
The accounts required by a limited company depend on which of the following categories is applicable:
Companies with an annual turnover not exceeding £5,600,000 (£6,500,000 for accounting periods starting on or after 6th April 2008)
In this case your company will normally need only a set of accounts which comply with the Companies Act and for which the Directors take responsibility. There are exceptions and for fuller information please refer to our audit section.
Companies with an annual turnover exceeding £5,600,000(£6,500,000 for accounting periods starting on or after 6th April 2008)
In this case a Registered Auditor must carry out a full audit. Naturally Davis Grant are Registered Auditors. For further detail of the requirements please refer to our audit section.
In every case the company must prepare a Corporation Tax computation and prepare and submit a return on form CT600. The Company's accounts must be filed with the Registrar of Companies within strict time limits. We will attend to all these requirements on your behalf as a matter of course.
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