Accounting is the process by which the financial records drawn up by a bookkeeper of a business is evaluated. This evaluation process requires professional judgement and experience and the results will usually be presented as financial statements, including statements of profits and losses, assets and liabilities, changes in value and cash flows. Directors of a company are responsible for preparing financial statements which give a true and fair view, and which have been prepared in accordance with the Companies Act 2006.
Responsibilities of a business include to select suitable accounting policies, make judgements and estimates that are reasonable and prudent, keeping adequate accounting records ensuring that the financial statements are compliant with [UK Accounting Standards generally/Accounting Practice (UKGAAP) International Financial Reporting Standards (IFRSs) as adopted by the European Union and with the Companies Act 2006] and give a true and fair view. Once approved, the financial statements will be used to calculate tax liabilities subject to normal tax rules, adjustments and practice. It is therefore extremely important that financial statements drawn up are credible and reliable.
At Charles William the account set up is on ‘SmartVault.’ SmartVault is a secure application which holds correspondence and documents allowing clients to upload sensitive information. Charles and his team plan the work on the basis that no report on the financial statements is required by statute or regulation for the year, unless they are informed to the contrary. They make enquiries of management and undertake any procedures that are judged appropriate. For the purpose of the delivery of the company tax return, Charles William uses commercial software to apply XBRL tags to items in the accounts as considered appropriate for the purposes of submission, for tax purposes, of the accounts in iXBRL via the Government Gateway.
Consideration is given to manually amend or apply tags where the software has not applied automatic tagging or where considered any automatic tagging to have been inappropriate. Copies of the iXBRL information, showing the tagging applied is provided for the clients’ approval.
Charles William and his team provide a range of services to help clients, to include the following:
- providing Company / LLP secretarial services
- filing Company's / LLP statutory accounts at Companies House
- preparing Company / LLP’s confirmation statement and filing returns at Companies House
- preparing financial statements providing sufficient and relevant information to complete a tax return
- preparing corporation tax computations and supporting schedules from accounts, information and providing explanations
- preparing company corporate tax self-assessment (CTSA) returns and following approval, submission to HMRC
- advising tax liabilities due, including advice on interest and penalty implications if corporation tax paid late
- advice in respect of allowable losses available and, where appropriate, initiate repayment claims
- advising instalment payments of corporation tax due for an accounting period and dates payable
- calculating quarterly instalments due on the basis of information supplied by the date agreed
- advice in respect of tax return-related claims and elections and making claims and elections in the format as required by HMRC.
All Charles William services are set out in the Terms of Business made available to all clients.
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