The preparation of accounts can be a complex process but our systems based approach and years of experience mean we now have it down to a fine art. In fact, by working together with your client manager you can have draft accounts for review in 30 days!
Here’s what we do:
Requesting accounting information promptly after your financial year end by providing a checklist for you to complete. This helps ensure you provide everything and your records meet the terms and conditions of our agreement.
Follow up reminders from our Accounts Department, including deadline dates.
Undertaking a thorough review of the records provided to us to ensure we have everything we need.
Summarising your financial information, checking and reconciling the important balances to supporting documentation provided to us.
Preparing full financial statements with supporting disclosures, as required by HM Revenue & Customs (HMRC).
Preparation of the Partnership Tax Return of Company Tax Return (CT600), as required by HMRC, along with calculation of your tax liability.
Preparation of financial statements in a format allowed by Companies House, with reduced disclosures where permitted by law, to reduce the amount of financial information available publically about your company.
Your Client Manager will undertake a thorough review of your accounts, tax returns and supporting information, making adjustments where required, to ensure accuracy and tax planning has been implemented.
Your Client Manager will prepare a supporting letter with your accounts which covers all the important details, such as filing deadlines and tax liabilities, as well as discussing key issues in the accounts including, areas of concern, management information business and personal tax planning, improvement and growth recommendations.
Your Principal Adviser will undertake a final review of all the important documents to ensure all issues relevant to you and your business have been considered, ensuring we continue to be proactive and a pillar of support.
We will then send you your accounts, tax returns and supporting letter for review, approval and signature. Depending on our agreement and the circumstances, we may provide draft accounts for initial discussion.
Our Accounts Department monitor the dates of all these processes so will send you follow up reminders to review, approve and sign all the documents, well ahead of the filing deadlines
Upon receipt of your approval, we will submit your accounts to Companies House.
Upon receipt of your approval, we will also submit your full accounts, computations and returns electronically to HMRC, including with required iXBRL tagging for CT600s.
We will check the submission receipts to your details to confirm that Companies House and HMRC have accepted your documents and this will be saved on file. This means that Companies House and HMRC can never successfully charge a late filing penalty.
We will review any subsequent computations or correspondence received from Companies House and HMRC to ensure it agrees the records we hold for you.
Finally, we will prepare the opening balances that are required to adjust the opening position on your computerised software so that it agrees to your final accounts.
This can all be achieved efficiently after your financial year end. As long as you have a few key processes and controls in place, we can take care of the rest.
If you’re always fighting against a deadline or finding accounts preparation a headache, please speak to us to find out how we can help you have this running like clockwork.