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ACCOUNTS PREPARATION

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What is required for your accounts preparation?

In order to comply with HM Revenue and Customs (HMRC) you must ensure that your accounts are correctly prepared. 

 

Franklin and Co assist with accounts preparation for:

 

  • Sole traders

  • Partnerships

  • Limited Liability Partnerships (LLP)

  • Limited Companies

  • Trusts

 

 

We will work with you to understand your business and what accounting method is most suited to your business needs.

 

You’ll need to keep records of:

 

  • all sales and income

  • all business expenses

  • VAT records if you’re registered for VAT

  • PAYE records if you employ people

  • records about your personal income

 

 

Keep proof

 

Types of proof include:

 

  • all receipts for goods and stock

  • bank statements, chequebook stubs

  • sales invoices, till rolls and bank slips

As well as the standard records, you may need to keep further records so that your tax return includes:

 

  • what you’re owed but haven’t received yet

  • what you’ve committed to spend but haven’t paid out yet, eg you’ve received an invoice but haven’t paid it yet

  • the value of stock and work in progress at the end of your accounting period

  • your year end bank balances

  • how much you’ve invested in the business in the year

  • how much money you’ve taken out for your own use

 

Franklin & Co can advise you on the records you or your business are required to keep and the best way of maintaining them for your business.

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