Preparing Your Annual Accounts For Your Business

Keep track of your accounts

Do I Need Annual Accounts?

This may be a question that many new to operating their own business need answering. If you are operating through your own limited company, then the simple answer is yes.

Accounts are required by law for all limited companies on an annual basis as they are submitted to Companies House for companies from England and Wales. These accounts must be prepared in a professional manner and meet all of the requirements set out by law. The good news is that we take care of this for you.

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Do HMRC Require Anything?

HMRC requires a full set of accounts in an iXRBL format and also require a company tax return known as a CT600.

When we prepare your accounts we will produce them in a format to file with Companies house and also HMRC.

Can I Use An ‘Online Accountant’ To Do This For Me?

Online accountants or ‘cloud accountants’ are not a different type of accountant with different training and qualifications, we are real people who happen to provide an efficient service using the latest technology along with emails and phone calls to prepare and submit your accounts as normal.

How often do you go into your local bank branch to do your daily or routine banking? Many accountants have failed to move with the times, we can assure you that SME Cloud Accounting are not one of them!

Are You Qualified To Sign Off The Accounts?

As a firm of full, qualified Chartered Certified Accountants (ACCA) SME Cloud accounting has the credentials and experience to provide an accountants certificate with your annual accounts.

An accountant’s certificate informs potential external users of the accounts such as the bank or lenders that the accounts have been professionally prepared.

How Do I Approve The Accounts?

We are not merely bean counters, but a professional firm of UK based online accountants with high standards and great experience. This means that we always look beyond the numbers and ensure that they make sense, not only to us, but to you.

After all, it is your business and your money. Once we have agreed that the accounts are good to be submitted, we will send them to you electronically to be e signed using fully approved software.

When Are My Accounts Due And Will You Remind Me?

This is part and parcel of our service. SME Cloud Accounting takes responsibility to manage all of the company deadlines, not only for the annual accounts, but also for tax, payroll and VAT where appropriate. Limited company accounts are usually due 9 months after your accounting year end.

Your accounting year end is usually the anniversary of the end of the month from when the company was formed. For example, if a company was formed on 16th October 2015 the first year end would be 31 October 2016.

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What Other Accounting And Tax Services Are Related To The Annual Accounts?

Our service is not restricted to any particular aspect of your business and individual affairs as we take a complete look at your whole affairs to make everything as efficient and painless as possible.

The other core services include:

  • Company tax return (CT600)
  • Annual return
  • Payroll
  • Bookkeeping
  • VAT return preparation and submission
  • Self-assessment completion
  • Tax Planning and Advice

I Am Unsure Exactly Which Services Are Required By My Business And Would Like To Find Out More?

The services above and the those included in our monthly packages cover virtually everything a small business owner requires. Feel free to get in touch with us to confirm exactly what you need to do next so that we can look after all of your accounting and tax affairs.

We are a partnership that uses Xero, can you complete my Accounts?

For a Partnership that uses Xero, we will complete a set of annual accounts, your Partnership Return and Tax Return for the Partners (other sources of income on the Self Assessment will need to be quoted additionally), we charge £1000 for this.

I am a Sole Trader that uses Xero, Can you complete my accounts?

For any Sole Traders that uses Xero, we can complete a set of Accounts and file a Self Assessment return (other sources of income on the Self Assessment will need to be quoted additionally). We charge £500 to complete this for a Sole Trader and also file the Self Assessment return.

Can you do my accounts from Sage?

We are a Xero only Practice, as such we don’t complete accounts from other bookkeeping software. If you want to convert from your legacy system to Xero and you have a financial year to complete as part of that transition period we will treat you as if you are using Xero already and charge £1,000.

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