annual accounts - turas accountants

Annual Accounts

Preparation of your year-end accounts

Keeping your accounts in good order throughout the financial year is extremely important.

However, we understand that this is a task that can take up a lot of your time, and business owners often feel overwhelmed at the thought of it.

Our team of professionals prepare your accounts in a timely and accurate manner, meaning you won’t miss those crucial deadlines and incur unnecessary penalties.
Our aim is to ensure the process is as easy and stress free as it can be.

Keeping accurate and up to date annual accounts not only allows you to complete statutory returns to Companies House and HMRC, but they also allow you to see how your business is performing in real time.

This allows external organisations to see that your business is viable for finance and loan purposes.

a ‘profit and loss account’ - turas accountants

Statutory accounts must include:

Frequently Asked Questions

Q: How much work do I need to do?
A: This is completely up to you. At Turas, we offer a bespoke service that can be tailored to the level of assistance you require. We can support you or do everything for you, it’s your choice.

Q: Do I need to file annual accounts with Companies House or HMRC?
A: You will need to file annual accounts with both Companies House and HMRC each year if you are a limited company. If you are a sole trader or partnership, the income is declared on a Self Assessment.

Q: Do I need an accountant to prepare annual accounts?
A: There is no legal requirement for companies to use an accountant to prepare annual accounts, unless the company is big enough to require an audit. There is a legal requirement to prepare limited company accounts in a particular way and format. Also, you have to use a third party software to submit the Corporation Tax Return to HMRC. Many business owners choose to use an accountant to ensure they are complying with all regulations.