Accounts Preparation, Tax Returns and Audits


Accounts Preparation

Accounts preparation is the mainstay of most accountancy practices. At Stafford & Co we have extensive experience in the preparation of year end accounts for:

  • Sole traders
  • Partnerships
  • Limited companies
  • Charities and not-for-profit organisations

We will ensure that all statutory obligations are met with regards to the preparation and filing of accounts and that all necessary documents are filed with the Inland Revenue and Companies House. We will keep you informed of important deadlines and payment dates and ensure that the information you receive is timely and accurate.

Self Assessment Tax Returns

We also prepare self assessment tax returns for sole traders, company directors and other individuals. It is highly important to file your self assessment return as early as possible, for a number of reasons . If you are due a tax refund, the earlier you file your return the earlier you will receive your refund. If you have a liability if you aware at an early stage what this liability is you can save and ensure that you have the necessary funds available to pay any tax due. You can be assured that if Stafford & Co. prepare your self-assesment return we will endeavour to keep your tax liability to a minimum.

Audits

An audit is a statutory requirement for every company with a turnover in excess of £5.6m.

An audit is a sample test of the amounts and the disclosures in the financial statements prepared for a company. The main role of the statutory audit is to provide shareholders/stakeholders of a company that the directors of the company are acting in the best interest of the shareholders, and managing the company to achieve the best return for the shareholders.

It is the auditors responsibility to:

  • Form a true and fair independent opinion on the accounts
  • Confirm that the accounts have been properly prepared in accordance with the Companies Act 1985.

Although an audit is a legal requirement for companies considered medium sized per the Companies Act, there are certain benefits of having an audit carried out. The audit can be seen as giving management:

  • An independent perspective of the business
  • Confirmation that they have performed their statutory duties correctly
  • Feedback on the way that they have approached the running of the business
  • Commentary on the effectiveness of internal controls and recommendations for improvement

An essential element of an audit is that the client feels as though they are receiving useful information that will benefit their business, and is not simply seen as a ticking exercise to conform with regulations.

Stafford & Co are registered auditors and carry out this work both for our own clients and on behalf of other accountancy firms who are not registered.