Trading Accounts
27th November 2015Putting off Preparing your first Accounts?
Have you started in business between 6 April 2013 and 5 April 2014? If so, it is likely that you are due to prepare your first set of accounts. If you are self-employed these would have to be included on a self-assessment tax return, due for filing by the end of January. If you are a Limited company, then your Companies House filing deadline may be looming.
In our experience a lot people put off preparing their accounts, particularly in the first year, as they have been so busy getting the business up and running that paperwork has been the last thing they have thought of. The dreaded task of sitting down with twelve months of records and trying to put them in some sort of order may be a daunting prospect.
Preparing your first set of accounts for a new business can also be something to look forward to – you have been working hard for twelve months to build a business and that first set of accounts shows if it has all been worthwhile.
Preparing the accounts quickly after the year end also gives you an indicator of where you have spent your money and where the income has come from, so going forward you can make the business more profitable, as well as giving you warning of the tax bill before it actually becomes due!
If you have been putting off preparing your accounts and want some assistance then please do contact us for a free initial consultation.
Disclaimer - All information in this post was correct at time of writing.
