Hire them to prepare statutory accounts
It is mandatory to prepare and submit a copy of the business account of the financial years to the company’s member. Besides, the accounts need to be submitted with the Companies House. On the other hand, the HMRC- HM Revenue and Customs may verify the records to make sure the company is paying the right amount of tax every year. You need to file the accounts within 9 months of ARD- Accounting Reference Data with Companies House, falling which, you can be imposed with a fine.
It may be noted that the statutory accounts need to be prepared following the UK General Accepted Accounting Practices or the International Financial Reporting Standards. You Limited business statutory account must include:
- A correct balance sheet, covering the value of the things owned by your company.
- A profit & loss account which will show your company’s running cost, total sales and profit or loss incurred during that accounting year.
- The reports from the directors and auditors.
Besides, you need to keep other financial records, calculations and information that you need to prepare the Tax Return. This may include:
- Money spent, such as orders & delivery notes, petty cash books, and receipts.
- Money received by your company, such as sales books, till roles, contracts and invoices.
- Other necessary documents, like correspondence and bank statements.
Managing all these things, it not an easy task and can be quite overwhelming. So, it will be better for you to take help of Wizz Accounting who can easily deal with all these things, letting you run your business smoothly. Now, let’s have a look at some major benefits that you will enjoy by hiring a professional accountant for Limited Company.
