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:
Limited Liability Partnerships (LLP)
We will work with you to understand your business and what accounting method is most suited to your business needs.
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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
Types of proof include:
all receipts for goods and stock
bank statements, chequebook stubs
sales invoices, till rolls and bank slips
Lynch Lane Offices,
Monday - Friday
9:00 am to 5:30 pm
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.