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Accounting

Accounting services for businesses in London.

Keeping your accounts up-to-date is vital to take control of your day-to-day finance and business’s success.

Your statutory and annual accounts are central to how you run your business, so it’s absolutely critical that you get them right. Regular and reliable management accounts are essential to enable the results of a business to be monitored, and allow constructive advice to be given at the earliest opportunity.

Our Accounts department prepares statutory annual accounts, working closely with the Companies House and HMRC on Corporation Tax matters. We prepare monthly and quarterly management accounts which are tailored to each client’s needs. Ensuring your accounting records are updated on a monthly or quarterly basis will also assist with the year-end accounts procedure and will help deal with matters as they arise.

Our professional, accounting staff ensure that all compliance issues and disclosures necessary for statutory accounts are complied with. Our experienced accountants will prepare and submit VAT returns quarterly as part of your Accounting package on your behalf or forward the figures to you to file.

We will work closely with you, through each stage of the process, to make sure we meet your business needs.

How can our SMB accounting team in London help you

Our accounting and compliance services include:

Preparation of monthly, quarterly or annual accounts
Preparation of periodic management accounts
Maintaining PAYE and VAT records and associated returns
Preparation for HMRC investigations
PAYE and national insurance compliance including minimum wage compliance
Self-assessment and business start-up advice
Landlords- property rental account and self-assessment return

Can I change my Company’s Year End?

Yes, some companies choose to change their company financial year-end for a number of reasons, including to align their financial year-end with the calendar year-end (December) or Tax year-end (March).

You can lengthen your company’s financial year:

to a maximum of 18 months (longer if your company is in administration)
once every 5 years

What are the deadlines?

You must submit your company accounts to Companies House within nine months of your financial year-end.

Failure to do this will mean a penalty notice issued to your company. This penalty will increase, depending on how late your documents are. Current penalties are:

One day late: £100
Up to three months late: £375
Three to six months late: £750
Six to 12 months late: £1,500

If your accounts are late for two successive years, penalties will double, and you could also find your company is struck off.

What Is In My Statutory Accounts?

Generally, they include three main sections:

Profit and Loss statement – this shows your company’s trading activities for the year and lists its income and expenses over the same period
Balance sheet – this lists out company’s assets, liabilities, capital and reserves at the financial year-end
Notes to the financial statements – these are additional notes which explain items within your financial statements.

When is my Company Year End?

A company ‘Year End’ refers to the completion of a one-year, or 12-month, accounting period. It is the date your company’s accounting period ends. It’s also the date the clock starts ticking for a limited company to send certain documents to HMRC and Companies House.

This usually is the date the company was incorporated unless changed. For example, if a company was registered on 26th October, their year-end date would be the 31st October and their financial year will run from 1st November to 31st October every year.

What is Company Year-end Accounts?

Every company has a financial year depending on when the company was incorporated. You must prepare year-end accounts at the close of your company’s financial year, which then must be sent to the Companies House using form CT600.

Experts Accountants for Small & Medium Businesses in Whitechapel, Brick Lane London.

Muhit & Co Certified chartered accountants is a widely-established firm which has a network that spreads across London with an office located at Whitechapel in Central London . The firm has been established since 2004 with a team of qualified accountants and tax specialists who have various industrial experience. We work with a large number of local businesses, sole traders and Individuals helping them achieve their goals through our pro-active and informative service.

Accounting

Accounting services for businesses in London.

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