Taxation
A Limited Company has a statutory duty to prepare annual accounts. These have to be filed with Companies House and HM Revenue & Customs on a specific date with penalties being levied for late filing.
Sole traders and partnerships also have a duty to prepare annual accounts to form the basis of their income tax liabilities.
Annual accounts are also often required for the following:
- Proof of income to support mortgage applications:
- Evidence for a prospective lender that the business is viable and able to support business loans
- To show to a prospective purchaser of the business that this is a viable business and to help establish the asking price
- Budgeting and Forecasting
Self Assessment Tax Returns
- Many struggle to understand the complex self assessment tax return and frequently complete them correctly. Constantly changing legislation results in ever more difficult to understand returns. There is a risk of incurring more penalties through failing to complete their returns on time or correctly.
- P&D Associates can save you time, worry, and money by handling your self assessment for you. We will complete all necessary computations, complete your return, and offer advice on minimising your tax liability.
- P&D Associates can act as your agent, dealing directly with the Inland Revenue on your behalf
Year End Accounting
P&D Associates can produce accounts to support all these requirements..