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Year end accounts are the statutory requirement for the businesses, these must be sent to the HMRC, Companies House and shareholders of the company. These accounts shows that how much tax is due to be paid to HMRC it also includes the details of the different responsibilities of the directors as well as the narrative description of the company’s affairs.
Content of the accounts:
It includes the company details, its accountants, its registered office and its registered number.
Director’s report and Financial statements:
It includesdirector’s report,statement of the profit and loss, and statement of Financial Position together with the notes to the accounts and details of profit and loss. These must be in a standard format and so a professional accountant is required who can prepare the accounts in the standard format. These are submitted and copies are retained by the company, to take the strategic decisions regarding the company and its different levels of operations.
Notes to the accounts:
There are the Notes to the Accounts in which there is a narrative description about the numerical figures of the financial statements. These figured are needed to be explained so that it can be understood by the people outside the company. These accounts also describe the events after the reporting period, which can cause a severe threat to the company’s going concern. Together with these, there are also different kind of major issues in the business which can help to enhance the users understanding like the court cases, major accidents etc.
WeAccountax offers annual report online with different services in relation to the annual accounts.
WeAccountax will provide you all the services in relation to the abbreviated accounts and CT600 in timely and cost effective way. HMRC and the companies’ house impose the penalties on the late filing so care must be needed in relation to the timely management and filing of the accounts.
WeAccountax has an expert team of chartered accountants, chartered tax advisors and associate chartered accountants who aim to enhance the quality of accountancy services.