Limited companies and LLPs must prepare annual accounts and submit them to Companies House in a statutory format whilst sole traders and partnerships have to meet self-assessment filing deadlines.
Accounts also now need to be tagged using iXBRL which is a way of tagging financial data but without the correct software this iXBRL tagging can become a laborious and manual task. Our accounts software is fully iXBRL compliant and we file tagged accounts as standard and at no additional cost to our clients.
We can help…
- Prepare your annual accounts and financial statements and file iXBRL compliant accounts
- Prepare accounts to help complete your self-assessment tax returns
- Complete bookkeeping service where required
And the benefits for you…
- You remain compliant and will not face any fines or penalties
- We can identify areas where we can help to reduce your tax liability
- Potential suggestions for cost and profit improvements within your business
- Financial control over your business, to check on your progress and any risk areas.
Accounts are required by HMRC so that they can calculate how much tax is due. Banks or finance companies may also require recent accounts for lending purposes.
In addition to fulfilling these obligations, the accounts we prepare will assist you in answering the following questions:
- Is the business making a profit?
- Can the business meet its liabilities?
- What does the business own; in other words, what are its assets?
- How much does the business owe?
We will also be happy to meet with you to discuss your accounts and any possible improvements in book-keeping or performance of the business that we can help you with.
Company accounts preparation
Our accountants can do a great job preparing your limited company, sole trader or partnership accounts at year end. However, getting the books together at year-end isn’t the end of the story. Using them to make informed business and personal decisions is the most important bit.
With our help you’ll be able to:
- See from your company accounts exactly how profitable and stable your business is.
- Make good, solid plans for the year ahead.
- Decide how to finance things.
- Use the information for making the right business decisions.
We provide strategic corporate financial advice whatever stage your business is at, including business valuations, mergers, acquisitions and disposals and exit strategies and succession planning.
- Assistance with raising funds
- Business valuations
- Cashflow management
- Evaluating strategic business plans
Our corporate finance consultancy services include:
- Preparing a business plan that sets out your strategy
- Producing financial forecasts, models and budgets to support the plan
From owners who want to know how much their business is worth, to companies that are looking to buy or sell, or shareholders who wish to exit a company, business valuations can be a useful planning exercise and can be used for tax purposes.
We consider every case on an individual basis and ensure that we assess all unique factors that affect the value of your business.
We assist our clients in the preparation of detailed financial models for either specific transactions or for day to day use by the businesses.
To ensure your corporate finance transactions achieve their intended goals, we can provide you with advice that takes into account your entire strategic plan.
We help clients formalise their plans for their business by helping them to produce comprehensive budgets and forecasts, and by preparing detailed business plans.
We tailor our due diligence investigations to ensure the work carried out is specific to your requirements.
The reports we prepare enable a prospective acquirer or funder to make an informed judgement over the information they have been given about a business or potential investment.
LLP accounts preparation
Using Bevan & Buckland will ensure that the often complicated process of preparing LLP accounts is handled safely and efficiently. The resulting accounts will comply with the law and help the partners understand how the business is performing.
Accurate accounts are critical to help you understand how your LLP is performing and the financial postion of each member. We will also help you by identifying all tax allowances that you are eligible for, to reduce your tax bills.
At Bevan & Buckland we take the time to meet with members to ensure the accounts are understood and that they can be interpreted in a way that will improve your business, for example by finding tips to improve cash flow or profit.
When preparing LLP accounts, we will also look for ways to improve all your systems and processes, giving you clear, detailed feedback and outlining ways to improve your accounting systems.
Management accounts preparation
While statutory accounts are prepared just once a year, management accounts can be produced every week, month and/or quarter to help you understand how your business is performing. They can be a key part of decision making and strategic planning, but only if they are done in a timely and efficient manner.
Having management accounts allows you to track and control your businesses and respond quickly to both adverse and advantageous moves within the market. The costs are less than you think when weighed against the potential benefits of being able to react quickly to negative trends in trade or having the ability to minimise your tax liabilities.
Key questions we can help you answer by preparing your management accounts include:
- How much money have we made to date?
- Who currently owes us money and is it overdue?
- Are our sales up or down on last year?
These are the sorts of questions business owners are regularly asking themselves. Having accurate answers is a vital for the success of your business. Despite this, many small business owners lack the tools and the time to get answers to these questions on a timely basis.
Bevan & Buckland’s management accounts service helps small business owners get the key answers they need to run their business. It also helps them free up time to dedicate to improving the profitability of the business.
We can help…
- Prepare monthly or quarterly management accounts
- Provide timely business analysis of the results
- Meet and discuss the figures and the impact on your business
By using the latest cloud based accounting packages we can give you regular reports to help you:
- Compare sales figures to last month and last year
- Know whether the business is making money
- Know who owes you money and whether the debt is overdue
- Know your gross profit, assess whether it is high enough and compare it to your competitors
- Identify areas where you could reduce your costs
- Understand what sales you have to make to break even each month
- Understand which parts of your business make you the most money
- Devise ways to improve your cash flow
- Secure funding from the bank
- Know how much you have invested in the business.
For a free quote on preparing your annual or management accounts please contact the office nearest to you.
Alternatively please call us on 01792 410100
Landlords are overlooking a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days.
These schemes can be an important source of cash to help businesses invest in innovation and growth.