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Financial and compliance

UK Accounts compliance

Companies and LLPs are required to file accounts annually, 9 months after the accounting date (the company year end) and in accordance with company legislation and Financial Reporting Standards.

For financial years that begin on or after 1 January 2016 your company may qualify for an audit exemption if it has at least 2 of the following:

  • an annual turnover of no more than £10.2 million
  • assets worth no more than £5.1 million
  • 50 or fewer employees on average

If your company exceeds these levels your company will require an independent audit which we can arrange.

We handle

Accounts and tax compliance overseas

We work with local firms of accountants and lawyers to ensure compliance requirements are met in local jurisdictions.  Through our extensive network we can usually recommend professional firms in many jurisdictions, including Europe and Asia

Great things in business are never done by one person. They are done by a team of people.

Steve JobsAmerican entrepreneur

How we can help

We prepare statutory accounts for online filing with the Companies House.  If an audit is needed we can assist you with appointing auditors and provide full accounts files and working papers for the audit, effectively managing the entire process for you, subject to your agreement as director.  If you are based abroad, there is no need to send original signature documents; all approvals can be made online.

We have extensive UK experience of handling tax enquiries by HM Revenue and Customs and also work with international tax experts and barristers.

Systems

There are many systems available depending on the type of business and its size.  We work with most systems and in particular Exchequer Enterprise (ERP system), QuickBooks Online, Xero and Sage.  We also develop and manage integration between different software including bespoke software.

Depending on your company’s activities, you many need control over production or managing time.  This is needed to control workflow and fully understand profitability, with stock control, wastage and work in progress, whether time or production related.

Many offices still store vast amounts of paper and the result tends to be that more than one person in the organisation saves copies in their “own” filing system.  Many ERP systems offer integrated document management as well as workflow management, which gives managers and project leaders complete control over workflow and meeting deadlines.

How we can help

We advise on internal process systems and accounting systems along with integration, which is now critical to cut workloads and ensure data is replicated accurately across different systems.

Most systems allow flexibility of how they are set up and we will review your company’s operations and advise of the best structure and combination of software.  The aim is efficiency and the output of sound and timely financial information on which to base business decisions.

The installation of such software follows a pattern, particularly where changes are being implemented.  The expectations of staff should be managed, as change tends to generate nervousness and a drop in morale among staff, insecure about their job changing by having to embrace new systems.  Our team deals with project management of software installation as well as design, along with staff training and maintaining staff morale.