ESB Accountancy specialise in helping and preparing small business accounts.
Accounts for the small businesses are often summarised into a few lines in a tax return but are all of your expenses identified and claimed properly? You are classed by HMRC as self employed and a small business if you earn your income by charging customers for services rendered rather than receiving wages or a salary from one employer.
The existence of accounts can also be relevant for loan or mortgage applications and copies of recent tax returns are often needed after regulation changes last year in 2014. Can you demonstrate that you have a viable business which can fund the repayments without overreaching yourself financially?
If you run your business as a limited company have you the assembled the information to properly prepare statutory financial statements and submit then to HMRC with your corporation tax return and calculations? Are you claiming the reliefs to which you are entitled at the correct time?
Possible penalties for late lodgement of accounts at Companies House have risen significantly recently so you could be at risk!
