Keeping accounts up to date and complying with legislation has never been more important. Company accounts must be filed with Companies within nine months of the year end but long before that, a company’s ability to obtain credit from suppliers may depend on credit agency reports. Planning and strategy plays a major role in ensuring that the accounts you present maximise your chances of obtaining finance and credit.
Companies must maintain proper accounting records to comply with legal and accounting standards.
Statutory accounts must be filed annually within 9 months of the year end.
If the company is eligible to file abbreviated accounts, full statutory accounts must also be prepared.
If a company does not satisfy the exemption rules, it will require an independent audit.
There are also PAYE, VAT and Corporation Tax requirements
Non company accounts requirements
Sole traders and partnerships must prepare accounts for HMRC
The accounts form the basis of self assessment tax returns of individuals/partners
There are also PAYE, VAT and Personal Tax requirements
All of these are standard procedure for Logicum.
Data entry and accounts
Data entry is the core of accounts compliance. Maintaining proper accounting records is both a company law and tax law requirement. We have experienced staff who can maintain your accounting records either in our office or at your premises using a variety of accounting software packages.
The level of support we offer ranges from reviewing data to complete outsourcing of your finance function. Accurate data delivers accurate management information (see below) on which you can base business decisions.
Regular accounts should be used as a tool for managing a business and can be produced directly from the accounting system based on the accounts data. They are often required by banks for loan and overdraft funding and provide useful information to conduct a pre year end tax planning review. Typically, management accounts might, at entry level, comprise a profit and loss account, balance sheet and lists of amounts receivable and amounts payable, together with some monthly trends.
VAT and payroll
By keeping data entry up to date VAT reports can readily be produced when needed, ready for review. We can prepare your VAT reports and complete the VAT returns as well as advising on more complex aspects of VAT reporting such as transactions with EU and non EU countries and dealing with the correct treatment of VAT certificates on cross border transactions.
We can also offer advice and set up systems to deal with the interaction of Customs Duty and VAT including duty deferment and the effect on VAT along with many other areas, including:
1. VAT retail schemes
2. Annual accounting
3. Cash accounting
4. Margin schemes
5. Intrastat returns
VAT returns must be filed online and payment made electronically.