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Accounting

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Preparing year end accounts - what we need

In the "Good Old Days" clients would arrive each year with a bag or box of books & receipts and after several weeks or months of trying to make sense of them, we'd have a meeting or write a letter to say what was missing.

 

These days, businesses are required by tax and accounting regulation to maintain a certain standard of recording throughout the year and there are now time limits for supplying accounts to the authorities.

 

We are required to prepare accounts (or accounting data for tax returns) that comply with generally accepted accounting practice and that are not confusing or misleading (not that this has changed of course since the Good Old Days).

 

In order to assist us in preparing the annual accounts in good time for statutory and tax deadlines we need complete & accurate information as soon after the year end as possible and so, to help in this, we have drawn up a checklist (opposite) of the most typical records and information we need.

 

The checklist is in PDF format and is secured by our normal web password.  It also makes reference to the topic & its checklist below.

 

 
 

 

 

 

 

 

Business year end info needed

   

 

Recognising business income & expenditure - the "accruals" basis

Business profits are calculated from income and expenditure arising (accruing) in the year.  This doesn’t necessarily mean the amount of money paid into or out of the bank account or even the value of invoices sent out or received but rather reflects the services or goods that have actually been generated or provided by/to the business during the year.

 

Follow the link on the right hand side to our PDF of how this works and a checklist of what we need each year end.  The PDF is secured by our normal web password, call for details.

 

 

 

 

Income & Exp recognition

 

 

 
 

 

 

 

 

 

 

 

 

 

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