Annual Accounting
Preparation and filing of annual accounts
The backbone of any accountancy practice has and will remain the preparation and filing of annual accounts both with HM Revenue & Customs and for corporate entities, Companies House as well. For charities there will also be filing with the Charities Commission.
In theory, this can often be done without the need of a professional. But, there is a need to file such returns using a whole host of legal reporting standard and specific online filing protocols. Failure to follow these rules could lead to financial penalties.
The investment we have made in our software solutions will ensure we are always in a position, once accounts are completed and approved by you, to “press the button” and know your accounts are filed on time, compliantly and safely.
Based near Warminster? Our Warminster accountants can handle this for you from our Market Place office.
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Feel free to get in touch with us any time.
An Accounting story
A few years ago we took over the work of a charity where an independent examination was required. The charity wanted to increase their profile but when we looked at the data provided both at Companies House and the Charities Commission we found it was well short of being compliant. The first drafts were prepared and it took a while to convince the Chairman that the different level of reporting was required. However, eventually we persuaded him that our version was in order and compliant accounts were filed accordingly.
Frequently asked accounting questions
What is the difference between a Chartered and a Certified Accountant?
A chartered accountant is a highly qualified professional accredited by bodies such as ICAEW, ACCA, or CIMA, and requires extensive training and exams. A Certified Accountant (e.g. AAT-qualified) may offer accounting services but doesn’t hold the same level of qualification. Chartered Accountants typically handle complex financial matters, audits, and corporate finance.
What does an accountant do?
Accountants handle financial record-keeping, tax returns, payroll, bookkeeping, and business planning. They ensure HMRC compliance, offer tax-saving advice and support business growth. Whether for sole traders, limited companies, or large corporations, accountants provide essential financial guidance and strategy.
Do I need an accountant if I am self-employed?
While it’s not a legal requirement, an accountant can help manage your taxes, track expenses, and ensure compliance with HMRC. They can also help reduce tax liabilities, file self-assessment tax returns, and offer business growth advice, saving you time, stress, and potential penalties.
How do I decide which accountant is best for my business?
Look for an accountant with experience in your industry, relevant qualifications (ICAEW, ACCA, or AAT), transparent pricing, and positive client reviews. Consider whether they offer services tailored to your needs, such as tax planning, bookkeeping, or business advice, and if their communication style suits your business.
What’s the difference between a bookkeeper and an accountant?
A bookkeeper records daily financial transactions, such as invoices and payroll, and maintains accurate records. An accountant analyses these records, prepares tax returns, provides financial advice, and ensures compliance with HMRC regulations. Bookkeepers focus on day-to-day tasks, while accountants offer strategic financial insights.
How will an accountant communicate with me and how often?
Communication varies based on your needs. Accountants typically provide monthly, quarterly, or annual check-ins via email, phone, or face-to-face meetings. Many offer cloud-based portals for real-time access to financial data, ensuring seamless updates and quick responses.
Can an accountant help with business growth and financial planning?
Absolutely! Accountants provide cash flow forecasting, budgeting, profit analysis, and investment advice to help businesses expand. They identify cost-saving strategies, funding opportunities, and tax-efficient business structures, ensuring sustainable growth. Whether scaling up or optimising operations, their expertise supports long-term success.
How do I choose the right accountant for me?
The right accountant understands your industry, communicates clearly, and aligns with your business goals. Look for experience in your sector, so they provide relevant insights and tailored advice. A great accountant is more than a number-cruncher—they’re a trusted partner helping you grow, stay compliant, and save money.
Can an accountant help with Making Tax Digital (MTD)?
Yes! Making Tax Digital (MTD) requires businesses to submit tax records digitally using HMRC-approved software. Accountants help by setting up and managing digital tax submissions, ensuring compliance, and recommending compatible software like Xero or QuickBooks. They also provide ongoing support to keep your business compliant.
How can an accountant help my small business?
An accountant can manage taxes, handle bookkeeping, prepare financial reports, and ensure compliance with regulations. They also provide cash flow management, budgeting advice, and tax-saving strategies to support growth. Whether you’re a sole trader, limited company, or partnership, an accountant helps streamline financial operations.
Will an accountant save me money?
Yes! Accountants help identify tax-saving opportunities, claim allowable expenses, and optimise financial efficiency. By ensuring accurate filings and avoiding HMRC penalties, they can reduce unnecessary costs. Their financial planning strategies also improve profitability, making them a valuable investment rather than just an expense.
Can an accountant file my tax return?
Yes, accountants can prepare and submit your tax return to HMRC, ensuring accuracy and compliance. They help calculate tax liabilities, claim deductions, and avoid errors that could lead to penalties. Whether it’s Self-Assessment, Corporation Tax, or VAT returns, an accountant streamlines the process.
What records should I keep for tax purposes?
You should retain income records, invoices, receipts, payroll information, VAT returns, and expenses for at least six years, as required by HMRC. Digital or physical copies should be organised to ensure smooth tax filing and audit readiness. Your accountant can advise on best record-keeping practices.
Does an accountant need to be registered?
Yes, accountants handling tax and financial services should be registered with professional bodies such as ICAEW, ACCA, CIMA, or AAT. This ensures they follow ethical and professional standards. If they offer tax services, they must also be registered with HMRC as an agent.
Can an accountant represent me during an HMRC audit?
Yes! If HMRC investigates your finances, an accountant can liaise with HMRC on your behalf, prepare the necessary documentation, and ensure compliance. They help mitigate penalties, explain tax filings, and provide expert defence in case of disputes, reducing stress and risk.