Preparing for Your Annual Accounts

This briefing is aimed at smaller limited companies. Companies with an annual turnover of less than £6.5 million and total assets (fixed and current) under £3.26 million generally do not require an audit but they must prepare and send a set of abbreviated accounts to HM Revenue & Customs and Companies House.

When preparing annual accounts, almost all companies use an accountant. As long as you set up a few simple systems, generating the information the accountant needs is relatively simple and inexpensive. It can then be used to review and improve your business operations. This briefing outlines:

• The basic information needed by your accountant.
• The main problem areas, including stock and payroll.
• How to use the annual accounts process to improve your business.