Accounts - Microtaxaccountants

ACCOUNTS PREPARATION

WE CAN HELP YOU WITH YEAR END ACCOUNTS AND CORPORATION TAX

YEAR-END ACCOUNTS & CORPORATION TAX:

Your company is required to report its financial position to HMRC and Companies House on an annual basis. Our UK-based SME accountants are on hand to help ensure all your filing obligations are met.

Your year-end financial statements should cover your past financial year and declare your Corporation Tax Liability. Here, we can help you in the following ways:

Preparing your annual year-end financial statements.
Submitting them to HMRC and Companies House.
Preparing your Corporation Tax return and its supporting workings.
Sending the electronic submission to HMRC.
Preparing your audio file in preparation for your end-of-year audit (if required)

We will help you to meet this filing obligation and review your accounts with you. This will also help us to advise you of any changes that you can implement to increase your tax efficiency.

MANAGEMENT & ACCOUNTING SERVICES:

For effective decision-making, business owners need management accounts to be prepared monthly or quarterly. Management accounts analyze how a business has been performing. They include forward-looking projections to aid business decisions.

We work with you to identify what is important to track for your business and then compile a set of accounts that are useful to your business. Typically, management accounting services include the following items:

Profit and loss per period.
Actual versus budgeted performance.
Cash flow forecasts.
Key performance indicators.
Reports that analyze significant changes.
Profitability of projects.
Product or marketing activities.

Our management accounting services are tailored to suit the needs of the management team of your business, enabling your teams to make informed strategic decisions.

What are management accounts and why do I need them

Every month or every quarter, a set of customized or standard financial reports is prepared by your company’s accounting department to assist you in tracking the progress of your business.
Unlike Statutory Accounts (which are required by the Government and are prepared after the year-end), Management Accounts focus on your business requirements, such as KPI’s, Balance sheets, Profit and Loss, and an Executive summary.
Business owners and managers use them to track key performance indicators and make daily and strategic decisions about their financial health.
These reports could help play an essential role in planning for growth and help secure a loan if you require one.

OUR COMPANY FORMATION SERVICES

Corporation tax return (CT600)

A Corporation tax return (also known as CT600 form) must be filed with HMRC by all Limited Companies within 12 months after the financial year.

The first step is to notify HMRC that your company is subject to corporation tax. If your company must pay corporation tax, you must determine how much profit it makes each accounting period and how much tax is due.

A 12-month accounting period is maximum. So even though the CT600 isn’t due for another year, it must be paid within nine months and one day of the year’s end. Late returns or payments are subject to a penalty and possible interest. If in doubt, check the Companies House website to see when your company’s fiscal year ends.

Corporation Tax, like many other taxes in the UK, is complex. A professional tax advisor can help you plan to minimise your tax liability.

Individuals, sole traders, and partnerships are not required to pay Corporation Tax but must instead file self-assessment tax returns (also known as Personal Tax Return or SA302).