CHARTERED ACCOUNTANTS & REGISTERED AUDITORS.
CHARTERED ACCOUNTANTS & REGISTERED AUDITORS.
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Limited Company Accounts, Audits & Taxation
Limited Company Accounts
It
is statutory requirement for Limited Companies to file Accounts at Companies
House. Whether they have to be audited will depend on the size of the Business. Every
business whatever its size or complexity requires an adequate accounting system
to control its activities and also to ensure Directors' responsibilities are
complied with. The
type of system will be determined by the size and nature of the business. As
long as relevant information is available when required, this is adequate. As
business gets larger there is a requirement for more management information and
systems generally become more complicated. As
a first step we would review your accounting system and make recommendations
where necessary. This initial investment of time enables us to make better use
of your records at the year end. Audit
If
your turnover, on an annualised basis, is above £350,000 (from 31st July 2000,
£1m) Company law requires an audit to be carried out. The Auditor's duties,
specified in the Companies Acts, ensure that Accounts present a true and fair
view and comply with Accounting Standards and conventions appropriate to the
circumstances. Our
procedures are based on best modern practice and are regularly reviewed. If
your turnover, on an annualised basis, is below £350,000 the company will
generally not need an audit. The reduced requirement is to prepare accounts in
the statutory format with the relevant Directors declaration. Taxation
As
part of preparing your annual accounts we will prepare a corporation tax
computation and a corporation tax return and submit all of the required
documents to the Inland Revenue. Tax
planning advice, to enable you to take advantage of the tax saving opportunities
in areas such as Capital allowances on fixed assets, whether to have salary or
dividend, and obtaining maximum relief for business expenses, forms part of our
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