This is the area of traditional services, which have always been provided by firms of accountants, because most businesses do not employ an internal accountant, who has sufficient experience to carry out this compliance work himself or herself.
"Compliance" essentially means those activities, which need to be dealt with to ensure that a business is not in breach of laws and regulations. They include: -
- Preparation of annual accounts
- Completion of tax and VAT returns and the agreement of tax liabilities
- Company Secretarial work
We can handle all these important responsibilities for you.
However, we do not carry out audits. This is because the value we can bring to your business will be best achieved by working closely with you, as part of your team. To act as your auditor would require us to be independent of you and this would run counter to the benefits of our close working relationship.
For most private companies, an audit is now voluntary. In respect of accounting periods ending after 30th March 2004, an audit is not required by law, unless your company's annual turnover exceeds £5.6m. We have summarised the pros and cons of voluntarily continuing to have an audit in The Business Journey section.
As part of our service, we can guide you in selecting an audit firm and negotiate the audit fee, on your behalf. As we have a wealth of experience in carrying out audits, we can also ensure that the Audit File is comprehensively prepared for the selected auditor, in order to minimise the amount of time spent by them.
Want to find out more?
If you would like more information or would like to speak to us direct then call us on 01962 832600. To ask us a question online click here.