Whether a limited company or not, the business has to create accounts each year representing the profit or loss (or excess of income over expenditure) for the business for that year.
For limited companies, statutory accounts also need to be prepared and filed with Companies House.
In both cases, the annual accounts form the basis of tax (personal for non limited companies, personal and corporate for limited companies) computations for that year.
So a very important process!!
There must be some form of books of account although accounts can be prepared from a box of receipts.
As a bare minimum, the following would be required in order to facilitate the preparation of accounts:
To make life easier for you to manage your business, we would recommend keeping the business books discrete. For limited companies, this is a must! For non limited companies, we would recommend opening up a 'Trading as' bank account if at all
possible. Keeps the bookkeeping simple and reduces the bookkeeping fees!!!!
We can prepare your accounts from your books of account whether these be from an accounts application, a cash book or a box of receipts.