Accounts

What are Accounts?

Normally accounts comprise of

  1. A Profit and Loss account – a measure of how the business has performed over a period.
  2. Balance Sheet – how it’s financial position on a specific day.
  3. Notes to the Accounts – to elaborate and provide extra information contained in the profit and loss account and balance sheet.

Who need the Accounts?

 

  1. The owner, the directors, shareholders

The owners need to assess how the business has performed over a period.

  1. HMRC (Her Majesty’s Revenue and Customs)

 To compute the following taxes due

    • VAT
    • PAYE
    • Income Tax
    • Corporation Tax
  1. Companies House

All Limited companies need to file accounts with companies house annually.

  1. Banks and Lending Institutions

Banks need to see how well a business has performed.


How can DBF help?


We can prepare your accounts either from manual records or any computerised packages.

  • We will remind you when your year end falls.
  • On receipt of your records we will give you an approximate time when the accounts will be prepared.
  • We will discuss with you the accounts before they are finalised.
  • On your approval, they will be filed with the respective authorities.