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December 9th 2013 / BY: Wisteria

Accountancy Services and Record-Keeping Duties

Record keeping can be time consuming and complex, so you may wish to contact your chartered accountants for advice or assistance. It is important to be aware of your record-keeping duties if you are running a limited company. Transactions and company records are vital for the annual accounts preparation, a compulsory document that must be filed each year to Companies House. If you are a director of a limited company, paying a chartered accountant or business accountant for certain accountancy services can be very beneficial for example, you will have confidence that the accounts are accurate, you will avoid late filing penalties from Companies House and will have more time for running and developing the business.

Directors are legally responsible to make sure the company produces regular and precise record-keeping. The aim for the records is to display how well the company is performing and its financial position. The basic obligations are to document daily transactions such as expenditure, trading receipts, all assets and liabilities. If the company is involved with selling goods, information on the suppliers and buyers are also required.

accountancy services

Dormant companies are also required to keep records and need to file the annual accounts however it is likely to be less complex as you can usually file abbreviated accounts.

The records need to be kept in the agreed place, which is usually the registered office of the company, and they should be available for inspection at any time by the company officers. Usually, these records should be retained for a minimum of 7 years but this may vary depending on your tax obligations.

The Chartered Accountants and Business Accountants at Wisteria provide a range of professional accountancy services to help you. Some of the accountancy services we provide include:

  • daily book-keeping
  • financial statements
  • VAT returns
  • management accounts
  • assistance with creating accountancy policies for your company

Wisteria also provides Company Formations if you are looking to incorporate your limited company. You are able to book a consultation with a Chartered Accountant to find out which services you may require.

For more information, contact 020 8952 0140 or email formations@wisteria.co.uk.