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What accounts do I need to file for my Limited Company?

If you have a Limited Company, you will need to file accounts and a Corporation Tax return. But there are a number of different types of accounts, so which is relevant for your company?

Our handy guide gives you all of the information you need,

including answering the following questions:

  • What accounts do I need to file for my Limited Company? And what can be seen by the public?
  • Do I need an audit of my Limited Company? If so, what is the process?
  • What does a set of accounts include? And what is a Balance Sheet? Or a Profit & Loss Account?
  • Is my Limited Company eligible to file abridged accounts?
  • What records do I need to keep for the company? And what financial records will I need to prepare the accounts?
  • What are the deadlines to file Limited Company accounts? And are there penalties if I miss these deadlines?

We can help you with all of these and go into great depth but, first of all, take a read of our latest Practice Update to find out more. You can download it here:

What accounts do I need to file for my Limited Company?

If you do need any help preparing the accounts for your Limited Company, please let us know – we’d be happy to help. It’s what we do, so we’re experts!

We can take all the stress and admin away from you, and make sure you hit all of the deadlines. We can also use your Limited Company accounts to analyse your business and advise you on how to increase your profits and put more cash in your bank account. We’ll also use the Limited Company accounts to prepare your Corporation Tax return for HMRC, while doing all we can to make your business as tax-efficient as legally possible.

And, if you found this useful, please share it using the icons on the left. Thank you.

Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant

We look forward to hearing from you.

 

What are Management Accounts?

Management accounts are just another set of numbers, aren’t they? Why would you want them? Well, most successful entrepreneurs swear by them as they can put you totally in control of your business.

Find out more in our video, or read about it below.

What are management accounts?

Management accounts are sets of financial statements that are prepared throughout the year. They’re not a legal requirement – they’re just for internal use – but they give real-time information on how the business is doing.

They can include whatever figures are useful for your business. As a starting point, you’d probably want a Profit & Loss, Balance Sheet and a Cashflow, but you can then tailor them to pick out the key areas for you.

For example, we work with our clients to pick the key drivers and Key Performance Indicators (KPIs) for the business.

For some, this might be new customers but we can then take this back a couple of steps to trace the conversion rates from “Leads” to “Meetings” to “Quotes” to “Customers”. For other businesses, it might all be tied into the website – our software talks to Google Analytics and can pull these figures into the same report.

And it’s good if the management accounts are clear and interesting to look at. We use lots of diagrams/graphs to make the figures easier to read, and trends easier to spot.

What are the benefits of management accounts?

There are lots of great reasons to prepare management accounts.

  • Making informed decisions – how can you make decisions if you don’t know exactly where the business is right now? Management accounts give you up-to-date financial information so you can make the best decisions for your business
  • Putting you in control – with the knowledge you have, you’re in full control of your business. Waiting until a year-end can be too late to spot trends and changes that need to be made
  • Tracking your progress – how are you doing in reaching your goals? If you’re not measuring your progress, how are you going to get there? How will you spot if you’re off track? And what tweaks you might need to make to catch up? As well as the standard financials, including your KPIs in the management accounts keeps you on track
  • Tax planning – knowing your profits before the year-end helps plan and minimise your tax bills

How do I prepare management accounts?

These days, there’s no excuse for a business owner not to prepare management accounts. With cloud-based software, you can be on top of your business numbers in real time.

Xero can prepare management reports for you or, if you want to step it up a level, there are add-ons that can being in lots of non-financial information as well. For example, we use Spotlight and are proud to be a Spotlight VCFO.

If you’d like to know more about the benefits of management accounts and how you can be in full control of your business, please get in touch.

Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant

VAT

…Content coming soon…

 

Accounts & Tax

…Content coming soon…

Switching Accountants

…Content coming soon…

What are Management Accounts?

Management accounts are just another set of numbers, aren’t they? Why would you want them? Well, most successful entrepreneurs swear by them as they can put you totally in control of your business.

Find out more in our video, or read about it below.

What are management accounts?

Management accounts are sets of financial statements that are prepared throughout the year. They’re not a legal requirement – they’re just for internal use – but they give real-time information on how the business is doing.

They can include whatever figures are useful for your business. As a starting point, you’d probably want a Profit & Loss, Balance Sheet and a Cashflow, but you can then tailor them to pick out the key areas for you.

For example, we work with our clients to pick the key drivers and Key Performance Indicators (KPIs) for the business.

For some, this might be new customers but we can then take this back a couple of steps to trace the conversion rates from “Leads” to “Meetings” to “Quotes” to “Customers”. For other businesses, it might all be tied into the website – our software talks to Google Analytics and can pull these figures into the same report.

And it’s good if the management accounts are clear and interesting to look at. We use lots of diagrams/graphs to make the figures easier to read, and trends easier to spot.

What are the benefits of management accounts?

There are lots of great reasons to prepare management accounts.

  • Making informed decisions – how can you make decisions if you don’t know exactly where the business is right now? Management accounts give you up-to-date financial information so you can make the best decisions for your business
  • Putting you in control – with the knowledge you have, you’re in full control of your business. Waiting until a year-end can be too late to spot trends and changes that need to be made
  • Tracking your progress – how are you doing in reaching your goals? If you’re not measuring your progress, how are you going to get there? How will you spot if you’re off track? And what tweaks you might need to make to catch up? As well as the standard financials, including your KPIs in the management accounts keeps you on track
  • Tax planning – knowing your profits before the year-end helps plan and minimise your tax bills

How do I prepare management accounts?

These days, there’s no excuse for a business owner not to prepare management accounts. With cloud-based software, you can be on top of your business numbers in real time.

Xero can prepare management reports for you or, if you want to step it up a level, there are add-ons that can being in lots of non-financial information as well. For example, we use Spotlight and are proud to be a Spotlight VCFO.

If you’d like to know more about the benefits of management accounts and how you can be in full control of your business, please get in touch.

Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant

VAT

…Content coming soon…

 

Business Growth

…Content coming soon…

 

 

VAT

…Content coming soon…

 

Business Growth

…Content coming soon…

 

 

Switching Accountants

…Content coming soon…

6 Ways To Tell Your Accountant Is Costing You Money

Every business needs a good accountant. The problem is that most business owners don’t realise what a good accountant looks like – that’s because they’ve never had one.

“You don’t know what you don’t know.”

If you have got a good accountant, you’re in a very

small minority.

If you’ve got a bad accountant, you’re also in a minority.

The problem is that the majority of business owners have a mediocre accountant. And that’s why they’re costing you money. They don’t mean to. But, by being mediocre, they’re making you miss out on extra profits and extra tax savings.

Some are even taking money from your pocket through their mediocrity.

Too many accountants are still just doing the minimum legal requirements – a set of accounts and a tax return. There is a value in that – everyone needs to be compliant. But are they making your business better? Or making your life better?

Working with a really good accountant is like having a Non-Executive Director for your business. Having a sounding board for you and your ideas. Having a source of wisdom, guidance and experience – all designed to improve your business and your profits.

Someone to work alongside you throughout the year. Someone to understand your goals and help you achieve them. Someone to provide regular input and information to help you get to where you want to be.

My next door neighbour recently bought a new car. He replaced an 11-year old car with a nice new Audi. He couldn’t believe the difference – power steering, cruise control, and full air con.

And then there’s the sat nav, the iPod doc, and the hands-free phone. And he’s getting used to having a nice, big storage unit where the handbrake used to be – it’s now just a small button.

He was quite happy with the old car. But now he can’t believe what he’s been missing out on.

And that’s what it’s like switching to a good accountant. And a progressive 21st Century Accountant.

A standard accountant does a perfectly decent job…..until you see what you can get by upgrading.

So, how can you spot if your accountant is costing you money? Here are six indicators.

YOU CAN DOWNLOAD THE 6 WAYS TO TELL YOUR ACCOUNTANT IS COSTING YOU MONEY HERE

I hope you find them useful.

VAT

…Content coming soon…

 

Accounts & Tax

…Content coming soon…

Switching Accountants

…Content coming soon…

How do I complete my Self-Assessment Tax Return?

Do you need to complete a Self-Assessment Tax Return? If you do, how do you do it? And when? Our handy guide gives you all of the information you need.

You may need to complete a Self-Assessment Tax Return if any of the following apply

in a tax year:

  • You were self-employed
  • You were a company director
  • You received dividends of £10,000 or more
  • You earned £2,500 or more in untaxed income (such as from rental property)
  • You earned £10,000 or more from savings or investments
  • You received profits from assets subject to capital gains tax
  • You received child benefit and you and/or your partner earns £50,000 or more.

Our guide then tells you:

  • How to register for Self-Assessment with HMRC
  • How to file your tax return
  • What financial records you need to keep
  • How to pay any tax you owe
  • Deadlines for registering for Self-Assessment and filing your tax return
  • Penalties if you miss the deadlines
  • Whether there are any excuses that HMRC will accept if you do miss the deadline

We can help you with all of these and go into great depth but, first of all, take a read of our latest Practice Update to find out more. You can download it here:

How do I complete a Self-Assessment Tax Return?

You can, of course, file your own tax return. However, if you do need any help, please let us know – we’d be happy to help. It’s what we do, so we’re experts!

And, if you found this useful, please share it using the icons on the left. Thank you.

Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant

We look forward to hearing from you.

 

VAT

…Content coming soon…

 

Business Growth

…Content coming soon…

 

 

Switching Accountants

…Content coming soon…

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