Whether you are a sole trader, partnership or limited company, you will generally need help from your accountant to prepare annual financial statements, which need to follow standard accounting conventions and comply with legal requirements. The financial statements will generally consist of a profit and loss account, balance sheet, and for limited companies, a directors’ report. Limited companies are required by law to prepare tax computations, Corporation Tax Returns and provide copies of accounts to HM Revenue & Customs and Companies House.
For partnerships and sole traders, taxable profits need to be computed for inclusion on the self assessment tax return. We offer a cost effective accountancy solution for people working on their own and can even help with the formation of a partnership taking care of all of the paperwork, right through to the individual tax returns of the partners as well as the apportionment of profits and liabilities.