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March 4th 2014 / BY: Wisteria

Tips from a Business Accountant in London

A new company will have to consider a number of important matters on incorporation to ensure that it complies with administrative requirements, legal and practical issues and obligations. Companies have strict requirements with regard to their financial record keeping and preparation of their accounts and this article will provide some tips on how to deal with these from a business accountant in London.

During the company formations process, the directors usually require advice on various matters which include tax advice, compliance issues and accounting services. Tax consultants are financial experts who can assist their clients with a wide range tax issues. A usiness accountant in London will provide accounting services and can provide advice on a range of different matters before and after the incorporation of the company. During the consultation with the chartered accountants, the client usually gets advice on effective business planning, the business aims and goals, the operations of the business, business plans and funding as well as various tax related issues along with data protection, payroll, dividends and insurance.

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It is generally advisable to consult a business accountant in London after the formation of a company, regarding filing of the accounts and annual return, audit, book-keeping, tax planning, bank accounts and other accounting services. Generally, chartered accountants and tax consultants play a strategic role by providing professional advice, aiming to maximise profitability on behalf of their client. Company accounts consist of various financial statements which enable an assessment of the financial position of the company. If the company meets the requirements laid out by the Companies Act 2006 it will be necessary for the accounts to be audited. Once an auditor has carried out the audit, they must prepare an auditor’s report; this report accompanies the annual accounts and director’s report. The auditor’s opinion on the financial statements can be the most important part of the report.

If a director does not hold any particular skills or qualifications, in areas which the company usually instructs an expert, it is normally advisable that they engage external advisors. However, while taking advice as part of the accounting service, the directors can maintain their independence and only follow advice to the extent that it is in the company’s interests.

You should arrange a meeting with a business accountant in London who can be consulted for advice about the various accounting services mentioned above. Wisteria Ltd offers a consultation with a Chartered Accountant or Chartered Tax Adviser before registering your company. This generally gives the director a better idea about the requirements for their new company formation.

A business accountant in London can provide a variety of services for companies and individuals.  For accounts or tax advice, information on our services or details on setting up a company please contact 0208 952 0140 or email info@wisteria.co.uk.