Our Value Added Service
We do so much more than just prepare your statutory accounts and submit them to Companies House; for us, it’s about helping our clients better understand their company financials and projections, and assist with tackling any issues early on so that running your business becomes even easier.
We believe in building strong client relationships based on trust and communication so that we can help with the overall financial performance of your small business now and in the future.
Our Fast Delivery
At Fusion, we are very proud of our prompt delivery service with the minimum of fuss. Our job is to gather all the essential paperwork, go away and do the necessary number crunching, and then within a short period of time, it will all be done for you.
We guarantee that you will never receive anything later than the promised due date. We proactively try to complete your Corporation tax returns (or your personal tax returns if self-employed) within 1 to 2 weeks from receiving the relevant information you send us. We don’t wait until the filing deadline (9 months after the year-end).
Recording your transactions in Xero throughout the tax year brings a huge number of benefits when it comes to completing your statutory accounts.
Firstly, it means we will have all your data at our fingertips in the right format, so we can process your accounts quickly and efficiently at year end.
Secondly, keeping your books on Xero means you will have a much clearer picture of your tax liability before the bill lands because you will have easy access to reporting and future forecasting features - so there are no nasty surprises when the final bill arrives!
With the majority of our clients, we can usually help you reduce your tax liability - so you’ll often end up saving more than you spend! If you think using Xero Accounting software would benefit your business, please do contact us & we will be glad to help.
Never miss a deadline
Knowing what information is required means you will never have to worry about running around last minute to get things ready for HMRC and risk forgetting vital paperwork and then possibly incurring a fine.
We will take care of this process for you as we will get in touch well in advance to remind you of any information we need or any payments required.
Commonly referred to as ‘Annual Accounts’ or ‘Year-end Accounts’, Statutory Accounts must be submitted by all Limited Companies in the UK within 9 months after the company’s year-end to the Companies House. Small businesses can submit much simpler accounts than their bigger counterparts.
Statutory Accounts comprise of a set of financial reports showing the financial performance of their company (through a Profit & Loss statement) during the year and the financial position (through Balance Sheet) at the end of the year. In addition, they also highlight important information through disclosures that may be of interest to any stakeholders in the business.
The Auditors Report is only required for Companies carrying out an Audit (whether Compulsory or Voluntary Audit) and is provided by the Company’s auditors. After a review they will indicate whether the accounts give a true reflection of the business.
Different Types of
Full Accounts must include all the key reports such as profit and loss, a balance sheet and detailed notes to the accounts. In addition to this, full accounts must also include an accountant’s report and a director’s report. Both of which provide further important information about the company.
Companies that meet the Small Business or a Micro Entity criteria, can send a more summarised version of full accounts called the ‘Abridged Accounts’. Abridged accounts provide less information about the company and has a simpler balance sheet (they only need to include the Balance Sheet and a reduced number of notes to the accounts). They do not include profit and loss. These can be useful if you do not want to include details about the business such as the gross margins or the profits the business made during the year.
A company is dormant if it has had no ‘significant accounting transactions’ during the accounting period or may have recently been set up but not traded as yet.
Criteria for Micro-Entities
If your company meets two or more of the following conditions, you are defined as a micro-entity:
- You have a turnover lower than £632,000
- Your balance sheet shows a maximum of £316,000 or less
- You have 10 employees or less
Being a micro-entity means it is not mandatory for you to prepare complex accounts and you can send more straightforward balance sheets to Companies House instead. The same exemptions offered to small companies are also given to micro-entities.
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If you would like help with any financial reporting or completing your end of year tax returns, please contact us by clicking on the button below, fill in a quick form so we can learn a bit more about you, and we will endeavour to reply within 24 hours.
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