Types of Accounts
Sole Traders
As a minimum you will need trading accounts normally prepared annually. Once the accounts have been prepared and approved, we will prepare the additional schedules to accompany your Self-Assessment Income Tax Return necessary for submission to the Inland Revenue.
Partnerships
The trading accounts required by partnerships are often similar to those required for sole traders. Certain types of professional partnerships, such as solicitors, have additional requirements imposed both by legislation and their own professional bodies. Each partner will be required to submit an Income Tax Return and from 6th April 1997. Each partner is separately responsible for his or her share of the partnership income and for the payment of his or her own tax and national insurance liabilities. This means that individual partners will no longer be liable to the Inland Revenue for the unpaid income tax liabilities of their partners arising from the partnership income. This will be a welcomed improvement bringing peace of mind to many partners.
Limited Companies
The accounts required by a limited company depend on which of the following categories is applicable:
Companies with an annual turnover not exceeding £5,600,000
In this case your company will normally need only a set of accounts which comply with the Companies Act and for which the Directors take responsibility. There are exceptions and for fuller information please refer to our audit section.
Companies with an annual turnover exceeding £5,600,000
In this case a Registered Auditor must carry out a full audit. Naturally DBF Associates are Registered Auditors. For further details of the requirements please refer to our audit section.
In every case the company must prepare a Corporation Tax computation and prepare and submit a return on form CT600. The Company's accounts must be filed with the Registrar of Companies within strict time limits. We will attend to all these requirements on your behalf as a matter of course.
