The question echoing throughout Hertfordshire, Essex and businesses throughout the UK during these testing times is “What can you do to help your business/sole trade through the COVID-19 crisis?” – HB Accountants are here to help you.
Continue readingCategory Archives: Annual Accounts
Why should you put your trust in an audit?
Around one in four small businesses believe that having their company’s annual accounts audited should be mandatory versus around half who disagree. In general, the larger the organisation and the more it wants to grow, the more likely it is to believe that annual accounts being audited should be mandatory, according to the recent study into small and medium sized businesses by the accountancy body, ICAEW.
Do you avoid these five common mistakes when you’re computing your business profits?
Avoiding common errors when computing business profits
HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on errors that are found in relation to business profits for small and medium-sized businesses. They are helpful to anyone computing taxable business profits.
My top accounting tips for Hoddesdon businesses
1. Make use of technology
Today, businesses have a myriad of resources available to make managing accountancy records convenient and simple. I’d urge businesses to make the most of cloud computing and automation. This is especially valuable now that the Government’s requirement for Making Tax Digital is a reality for the majority of businesses, and flexible working rights have all increased the demand for secure, flexible ‘on-the-move’ cloud-computing solutions.
We already have Annual Accounts, why do we need Management Accounts?
Annual Accounts are very familiar to business people. Every year statutory reports which comply to specific accounting standards must be filed with HMRC and Companies House. But what about Management Accounts? There is no legal obligation to generate them. Why then, do so many organisations depend on Management Accounts in running their operations and could you be benefitting from them too?
Top tips to prepare for company year end
At company year end, it’s time for limited companies to file corporate tax returns with HM Revenue & Customs (HMRC) and provide annual accounts to Companies House. Whilst small and micro companies don’t have to provide full accounts reports to Companies House, they are still required to provide simplified accounts reports as a statutory requirement. Since corporation tax is calculated by HMRC based upon the financial position of your company at year end it’s vital to have everything in order. There are steps you can take to make this process as smooth as possible. At HB Accountants, we can provide as much or as little support as you need at year end. Here are our top tips to prepare for company year end.
