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Do you need full business accounts for your small business?

If you’re self-employed, you may need to produce annual business accounts for small business tax returns.

Annual accounts will allow you to complete an accurate tax return which will tell HMRC how much tax you owe. In most cases, it’s better to get a qualified professional to complete your accounts and business tax returns for you.

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What are annual business accounts and do you need them?

Full business accounts are a summary of your business’ financial activity over a 12 month period. They are submitted to Companies House and HMRC every year.

Full accounts consist of a Profit and Loss Statement, Cash Flow Statement and a Balance Sheet.

Who needs an accounting service for small business tax returns?

Anyone who makes money aside from regular employment will need to file tax returns. Countplus provides full accounts for contractors, limited companies, startups and sole traders.

How do you know which accountant to choose for your business?

Choosing the right accountant to prepare your annual accounts is vital because they will become an integral part of your business.
An experienced accountant for small business tax will:

  • Check through your financial records for accuracy
  • Ensure annual accounts are completed on time for the deadline
  • Help you through Self Assessment at the end of the year
  • Guide you through the process, providing advice throughout the year
  • Set your mind at ease
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Why you need a chartered accountant for businesses to complete accounts

Rather than trying to do it all yourself, it’s always best to hire experienced, qualified chartered accountants for small businesses.

Chartered accountants are those qualified to take on a number of specific accounting and tax responsibilities including auditing, filing limited company tax returns and providing financial advice.

Hiring a chartered accountant for your small business has the following benefits:

  • It’ll save you time you can spend elsewhere on your business
  • You won’t have to stress about whether you’ve done it all right
  • It ensures your accounts are accurate and submitted on time
  • You’ll be represented by a professional in case something goes wrong or you’re investigated.

The last thing a growing business needs is to submit an incorrect tax return or even miss a deadline. Either scenario could end with some pretty hefty fines.

How Countplus can help you with annual accounts

If you are not comfortable producing your own annual accounts, including all statements and balance sheets, it’s best to seek the help of a professional accountant.

We provide full annual accounts for small to medium businesses and sole traders. Our service prides itself on attention to detail and efficiency when producing accounts and limited company tax returns.

As part of Countplus’ full accounts service, we will:

  • Produce a full set of annual accounts for your business
  • Create monthly, quarterly or annual management accounts
  • Submit all accounts to HMRC so you don’t have to
  • Ensure full HMRC compliance
  • Represent you to HMRC and Companies House in all tax matters.

We go above and beyond what you might expect from an accountancy firm. We work closely with you to ensure accuracy and also work out ways to help you become more tax efficient.

Countplus aims to be more than just an accountant at the end of a phone. Our service provides you with the tailored support and advice of a business partner.

If you are looking for web accounting or accountancy firms in Lancashire for tax return help, get in touch with Countplus today to arrange a quote.

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