UK Business

Your Year End

We will contact you around 2 months before your year end to see if you need any assistance or general advice before closing the accounts, then nag you thereafter to let us have them! The style of accounts we prepare depends on your business structure.

The limited company

Every limited company must prepare, approve and submit to Company's House its annual accounts to strictly controlled deadlines with fines for delayed filings. The layout of these accounts is strictly structured and accounting treatments are different to those of partnerships or sole-traders. Limited company's are highly tax-efficient so we do recommend their use and in completing the annual accounts we will ensure you meet UK statutory requirements.

Partnerships and Limited Liability Partnerships (LLPs)

The partnership has long been the typical business structure where a like-minded group of individuals work to a common goal. It is also easy to start and close down, with the partners being taxed on agreed share of profits under income tax rules. The tax effect is not always the most efficient but is simple and readily understood.

The partnership, like the sole trader, imposes full liability for the risks in the business on the partners - including the family home. In October 2001 a new form of legal entity came into being - the Limited Liability Partnership (LLP). It combines the reduced-risk limited liability of the company structure with the ease and simplicity of personal tax rules and for those wishing to stay in a partnership tax situation it has become very popular. It is worth remembering that an LLP has to file accounts at Company's House whereas a normal partnership does not. Some financial information therefore becomes public record.

Sole Traders

This is trading at its most simple and straightforward. One can start trading immediately with the least amount of fuss or paperwork and is very popular with those starting up in business for the first time. Again like a partnership, you bear the full cost and risks of the business and this can be an issue. Taxation is straightforward with specific rules for opening and closing years; your financial records are confidential and do not become public knowledge and the actual accounting requirements fairly straightforward.