preparation of accounts for sole traders and partnerships
This is simply us summarising all the transactions of your business for the whole accounting year and putting them into a recognised format, providing eventually a Profit & Loss Account and a Balance Sheet.
These accounts are then mainly used as a basis for completing your annual tax return. The better the job you do of maintaining your own accounting records, the more cost effective our service can be. We can show you how to keep appropriate records either manually or on your computer, or even set a system up for you, via our sister company, Business Support. They can also help you out with your bookkeeping, payroll and VAT – if you’d like to find out more, just click here to visit their website.
Once we’ve got your accounts to this stage, we’ll ensure you have a meeting with a Partner to discuss them. This helps you to understand the accounts, agree any assumptions or estimates we have used in preparing them and gives us an opportunity to provide feedback on your performance. Meeting with a Partner seems like common sense, but perhaps surprisingly, too many accountants still do not do this - they just post your accounts out to you and that's the end of it. We've always found the meeting to be a great forum for putting ideas forward. For example, we can benchmark you against your industry or highlight areas for concern, make suggestions on how to improve profitability, provide feedback on your accounting records as a basis for defending yourself against an Inland Revenue attack, or simply identify potential tax savings, which is always welcome news!
At Jones Harris, you can rest assured you’ll get a quick turnaround on your accounts, so you won’t be without your records for long – just in case you need to refer to them. If you’re worried about budgeting for our fees, we can simplify things by agreeing what they will be in advance – we can even talk to you about spreading the payments, helping to ease the burden a little further.
Preparation of Accounts for Limited Companies
This is simply us summarising all the transactions of your business for the whole accounting year and putting them into a recognised format, providing eventually a Profit & Loss Account and a Balance Sheet.
These accounts are then mainly used as a basis for completing your annual tax return. The better the job you do of maintaining your own accounting records, the more cost effective our service can be. We can show you how to keep appropriate records either manually or on your computer, or even set a system up for you, via our sister company, Business Support. They can also help you out with your bookkeeping, payroll and VAT – if you’d like to find out more, just click here to visit their website.
Once we’ve got your accounts to this stage, we’ll ensure you have a meeting with a Partner to discuss them. This helps you to understand the accounts, agree any assumptions or estimates we have used in preparing them and gives us an opportunity to provide feedback on your performance. Meeting with a Partner seems like common sense, but perhaps surprisingly, too many accountants still do not do this - they just post your accounts out to you and that's the end of it. We've always found the meeting to be a great forum for putting ideas forward. For example, we can benchmark you against your industry or highlight areas for concern, make suggestions on how to improve profitability, provide feedback on your accounting records as a basis for defending yourself against an Inland Revenue attack, or simply identify potential tax savings, which is always welcome news!
At Jones Harris, you can rest assured you’ll get a quick turnaround on your accounts, so you won’t be without your records for long – just in case you need to refer to them. If you’re worried about budgeting for our fees, we can simplify things by agreeing what they will be in advance – we can even talk to you about spreading the payments, helping to ease the burden a little further.
As a Limited Company, you have certain legal obligations. If you set up your company with us, we will have told you everything you need to know at that point. If not, we'll make sure you understand all the responsibilities that come with being limited. We'll do what we can to take the burden off your shoulders: your accounts will be prepared in accordance with the statutory requirements of company law, and we'll prepare full accounts for the shareholders and the Inland Revenue. We'll also prepare a set of abbreviated accounts for public record: while we don't have any choice in this, less information is published and so your privacy is protected.
