Having your accounts done is one thing, understanding them is another. At C&H we promote regular client contact either face to face or through Zoom meetings to discuss completed accounts so our clients gain a growing awareness and understanding of their critical numbers.
Annual accounts, required by law to be completed, report on the financial activity of a company during its financial year. We ensure that they are completed to the best possible standard and are submitted on time to ensure no penalty charge is issued.
We don’t only offer annual accounts service, but also highly recommend regular management accounts.
How do management accounts help?
Planning – (why)
Plan ahead with confidence that you are up to date with the true financial position of your business. All too often businesses plan based on gut feel and cash in the bank to guide them and make serious mistakes as a result.
Controlling – (why)
Our slogan is ‘Keeping you in charge’, this only happens when you are financially aware and up to date as to where you are, then you are truly in control!
Motivating – (why)
Businesses that only produce annual accounts tend to hope for low profits as the year has passed and they are only concerned that they should not pay too much tax! Businesses that produce regular management accounts are motivated by the profits achieved and can self-motivate to even higher results as they press forward aiming to have better results for the next management accounts period!
Improve efficiency – (why)
With management accounts you can keep a far better eye on how your expenses are doing and quickly address a situation where there is an overspend. With annual accounts these are much higher to identify and if they are identified are harder to address as they have been going on for longer.
Maximise profit – (why)
The ability to know where you are and see the tangible results of business decisions means that profits have to increase as a result of taking out regular management accounts. Even more important, if the business is starting to slide this can be addressed much more quickly as the results show what is happening in good time. Trying to stop a decline after it has been happening for over 12 months is much more difficult.
Did you know, in 2018, around 758,000 submitted their Tax Return on the day before it was due!
We can take this stress off you by getting the tax calculated and informing you of your payments/repayments due to/from HMRC, as well as reminding you in January about the payments. We ensure you’re not a part of the 7% who have to pay charges on top of their tax liability due to failing to submit their tax returns on time.
We also offer advice on how to minimise tax liabilities where possible (see our news page).
We offer a large range of business tax, including:
- Deciding on a tax-efficient structure
- Making the most of allowances and reliefs
- Reducing tax on disposals
- Maximising tax relief on acquisitions
- Liaising with the authorities on your behalf
- Assisting with compliance requirements, including corporation tax self-assessment.
Get in touch with us today about your accounts and tax needs and we’ll show you what we have to offer!
True Horror Story
A client was keen to produce management accounts but didn’t want to employ our services so he decided to produce them himself. The results were so bad that his business partner handed in his notice and went and got a job, effectively terminating the business. Months later we were given the annual accounts to produce and found out that the client had made mistakes in his management accounts and the results were much better than anticipated, but by now it was too late and the business closed down. As accountants we know the necessary checks and measures to take to ensure accounts are produced accurately so you can remain in charge of your business with the confident knowledge you are up to date with what is happening.