Managing Your Small Business Accounts

Posted 12 Jun 16

From creating and marketising your products, through dealing with potential and current clients and contracts, to administration work and bookkeeping tasks; as a small business owner you will be covering all areas of running your limited company.

However, none of these tasks should be overwhelming, even for a young company director. We encourage you to focus solely on targeting your desired market and developing your business. Hire a professional and experienced accountant to avoid the daunting process, which is dealing with your tax issues and take the burden of confusing and complex paperwork off your shoulders. A professional and experienced accountant, like Tawanda Accountants, will be able to advise you on increasing your cashflow in a legal and stressless way and to ensure all your documents are keep up-to-date and ready for investigation at any time.

One of the major responsibilities we help our clients with is management of their small business accounts.

The Year End accounts you will need to file with HMRC and Companies House at the end of each financial year is simply a formal presentation of your business’ financial performance. It includes sales, costs, assets (such as, stock or machinery or the equipment needed to run your business). The deadline for filing your year end accounts depends on the type of business structure you trade as, a sole trader or a limited company.

A lot of business owners find themselves under the pressure of last-minute filing - a practise we strongly warn our clients against. By leaving your annual accounts to the very last moment you risk making various mistakes or simply filing them too late to avoid HMRC fines. Calling HMRC helplines close to the set deadline is also an extremely stressful experience. The lines get very busy and you are unlikely to get the answer to your questions and doubts in the first phone call. Furthermore, you might simply misplace certain documents, which would allow you to claim certain expenses back or just prove the numbers you provide HMRC with. This can lead to overpaying your taxes. If you are unsure which expenses can be deduced from your taxes, contact our expert accountants at Tawanda Accountants today and we will be happy to guide you through the process. Many business owners are unaware which expenses exactly can be deduced, and in the long run they lose a lot of money.

Your Year End accounts should be accurate and kept up-to-date, so it is important that everything you do during your business activity is recorded. Keeping track of your expenses and filing your Year End accounts on time will allow you to plan the future of your business in a better and more realistic way.

About Us

As a leading UK accounting firm and expert business consultancy, Tawanda Accountants carry out scrupulous accounting and provide payroll services and procedures for small businesses, individuals and business start ups.