These are needed in some shape or form whether you’re a sole trader, partnership or limited company. Small sole traders may need only a simple profit and loss account, whereas even the smallest limited company needs to prepare a profit and loss account, balance sheet and statutory accounts. We take you through the figures showing you the link between yours or your book keeper's schedules and the year end accounts.
Either way, understanding your business will help ensure we can advise you on the tax treatment of items in your accounts such as tax deductible expenditure, the meaning of a director’s loan account, or what is a capital asset and provide business advice such as commentary on your gross profit margin, pension information and other client experiences.
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