Statutory accounts are the obligatory end-of-year accounts required by HMRC, Companies House and the shareholders of your business. They include a simple balance sheet and a profit and loss account, and are used to calculate the amount of corporation tax your business owes for the year.
Here at Inform, we can produce your statutory accounts for you with a minimum of fuss.
We’ll complete your corporation tax returns (or your self-assessment, if you’re self employed), file abbreviated accounts with Companies House and ensure compliance with all relevant tax legislation.
Best of all, we can usually help you reduce your tax liability by more than we charge for the service - so you’ll often end up saving more than you spend…
Recording your transactions in Xero throughout the tax year brings a number of benefits when it comes to completing your statutory accounts.
Firstly, it means we’ll have all your data to hand in the right format, so we can process your accounts quickly and efficiently at year end. No need to bring us a shoebox full of papers and receipts.
Secondly, keeping your books on Xero means you’ll have a much clearer idea of your tax liability before the bill lands. Easy reporting and forecasting features allow you a valuable glimpse into the future - and ensure no nasty shocks when the final figure arrives.
With a traditional accountant, you’re simply buying a tax bill; a bill for a bill. With Inform and Xero, you get added insight - and the undeniable convenience of the cloud.
While statutory accounts are a legal obligation, management accounts are entirely optional. In reality, though, they are a must for any business serious about growth.
Management accounts are a set of financial statements prepared either monthly or quarterly, providing clear insight into the financial trading position of your business. They enable you, for instance, to identify critical trends in your sales and expenses, predict cashflow
With all your data stored in Xero and easily accessible to us via the cloud, we can produce management accounts for you without any extra effort on your part. Just think of us as a virtual CFO, keeping an eye on the bigger picture of your business finances all year round.
HMRC’s Making Tax Digital initiative is in its infancy right now, but in the coming years, all businesses will be required to use software to record and report their returns. And not just annual returns either. Making Tax Digital is moving towards quarterly tax returns, with the aim of helping businesses stay on top of their tax all year round.
So, if you are still preparing end-of-year returns on Excel spreadsheet or pen and paper, the time is now to start the move to a more modern system.
Here at Inform, we can get you set up on Xero, providing the training and support you need to self-manage - or we can offer a full book-keeping service, under which we maintain your records and complete MTD filings on your behalf.