Annual Financial Accounts

Annual Financial Accounts

As a modern tax, bookkeeping and accounting firm we aim to produce accounts within four weeks of receiving well-kept records & a trial balance.

Gold Stag Accounts serve a variety of different businesses, charitys, freelancers and individuals. From new start-ups to established businesses.

Our options are listed below:

  • Private Limited Company – Full Annual Accounts & Company Tax Return
  • Limited Liability Partnership – Full Annual Accounts
  • Sole Trader – Records of income & expenses & Self Assessment Tax Return
  • Partner in a Business Partnership – Records of income & expenses & Partnership Tax Return
  • Community Interest Company – Full Annual Accounts & Simplified or Detailed CIC report

Private Limited Company

Company

Annual Accounts are prepared from a company’s financial records at the end of the company’s financial tax year.
Copies of the accounts must always be sent to:

  • shareholders
  • people who can go to the company’s general meetings
  • Companies House
  • HM Revenue and Customs

Gold Stag Accounts Annual Financial Reports provide you with: 

  • a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year. Also known as a statement of financial position
  • a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
  • relevant notes about the accounts
  • a director’s report (unless a ‘micro-entity’)

Whilst ensuring deadlines are met and tax liabilities are informed at the earliest opportunity.

Your Statutory Accounts will be completed in accordance with both International Financial Reporting Standards & New UK Generally Accepted Accounting Practice guidelines and will provide sufficient and relevant information to enble completion of a tax return.

Corporation Tax

Corporation Tax must be paid on profits from doing business as:

  • a limited company
  • any foreign company with a UK branch or office
  • a club, co-operative or other unincorporated association, eg a community group or sports clu

Taxable profits for Corporation Tax include the money a company or association makes from:

  • doing business (‘trading profits’)
  • investments
  • selling assets for more than they cost (‘chargeable gains’)

If a company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad.

If a company isn’t based in the UK but has an office or branch here, it only pays Corporation Tax on profits from its UK activities.


Self-Employed

Business Woman Startup

Sole Trader / Partnership

Records of business income and expenses must be kept in order to submit an annual tax return for those self-employed as a:

  • sole trader
  • partner in a business partnership

Records of personal income will also need to be kept and nominated partners in a partnership must also keep records for the partnership.

Accounts

There are two options for sole trader’s/partnership’s, Traditional Accounting and Cash Basis Accounting.
Many businesses use traditional accounting where you record income and expenses by the date you invoiced or were billed.
Most small businesses with an income of £150,000 or less can use cash basis reporting.

With this method, you only record income or expenses when you receive money or pay a bill. This means you won’t need to pay Income Tax on money you haven’t yet received in your accounting period.

Gold Stag Accounts can advise on a variety of matters including Value Added Tax (VAT), Construction worker tax returns (CIS) and registering for Self Assessment.


Community Interest Company

Charity

The accounting requirements for CICs are no different from other companies, however, the CIC must be registered with Companies House & a CIC Annual Report must be filed.

We can also offer advice on Community Benefit Society’s also know as Co-Operatives as well as operating as a Limited Company Charity.