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Accounts, Tax and Audit

Statutory accounts

Businesses are required to produce annual accounts, to meet statutory obligations. But the process of preparing and reviewing your accounts need not be a chore and if prepared in a timely manner can be a very useful aid to business decision making.

Producing useful annual accounts starts with good record keeping. You may need support to set up appropriate systems for your business or ad hoc support and advice during the year to ensure key accounting controls and reconciliations are in operation. This comes as standard for all of our clients.

Tax Planning

Preparing the accounts alone won’t help your business much. That’s why we offer every client input at critical times of the year. In our view the most important meeting in the accounts compliance year is the pre year-end tax meeting. Meeting before the year-end gives the following benefits:

  • The chance to review financial forecasts for the year end, calculate expected tax liabilities and avoid any nasty shocks before it is too late
  • Implement tax planning solutions in the current year so that the opportunity is not missed.
  • Provide peace of mind, certainty and comfort in knowing how the business will end the year and all has been done to pre-empt unnecessary problems.
Of course, we make sure your final accounts, business and personal tax computations are prepared and filed in good time to avoid penalties.

Audited accounts

Most small to medium sized businesses are required to produce audited accounts. An auditor’s report is intended to provide reassurance that the accounts show a true and fair view. They can be useful in showing banks, investors, shareholders and other interested third parties an externally verified position of the company.

An audit must be carried out in accordance with approved auditing standards.

As registered auditors we are members of and monitored by the Institute of Chartered Accountants in England & Wales who quality assure our work.  

Benefits of audited accounts

  • Provides assurance to the users of the accounts
  • Ensures compliance with company law and directors statutory responsibilities in companies that meet the audit threshold
  • Often insisted upon by banks for lending and third parties when looking to purchase companies.
  • A useful tool for management to assess the company’s internal control processes.

You will need to produce audited accounts if you meet certain accounting thresholds based on turnover, balance sheet total and / or number of employees, if you are subsidiary of a larger company and if you belong to certain professions, like legal practices.

Parker Chartered Accountants and Financial Advisors provide account and audit services to many of our clients. By being close to the numbers we can then deliver other, more proactive advice and services to help you achieve your business and personal goals. To see how we can help call us on 0121 704 1354.

Parker Chartered Accountants and Financial Advisors is the trading name for Parker Business Development Ltd (Registered No. 4116664), Parker Tax and Trust Ltd (Registered No. 06950353) and Parker Financial Planning LLP (Registered No. OC347027). Parker Financial Planning LLP is authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales – registered office contact details here