Company Accounting

Some countries like Gibraltar and Hong Kong require companies to produce and to file annual accounts with a public register, even if they do not have to file a tax return or pay taxes in that jurisdiction.
Because of new rules to prevent money laundering, most countries have ruled that a company:

  • Needs to produce annual accounts
  • Needs to let the resident agent know where their accounting and company records are maintained

The intention is that all companies should produce

  • Annual accounts which include a balance sheet and a profit and loss account, showing the distribution of profits to shareholders
  • Annual accounts including a balance sheet and an income and expenditure account, where the company has been incorporated just to hold assets or not for profit

The company always needs to keep a record of:

  • All monies received and spent by the company - bank or credit card records
  • Details of all debts that the company owes or is owed
  • Proper records of all assets including stock that the company owns at the year end
  • Who the goods were bought from and sold to
Further details on our Accountancy services:
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Accountancy Services

Our experience of accountancy and tax means we can support you by producing your annual accounts or maintaining the company's books and records.

Requirements for Companies

  • All companies needs to keep accounting records.
  • Companies incorporated in tax havens need to produce annual accounts. These accounts will be confidential and not on public record.

Records to be kept

Proper books, records and annual accounts are needed in all jurisdictions. A company always needs to keep a record of:

  • All monies received and spent by the company
  • Price, location and depreciation records of all assets owned by the company
  • Details of all debts that the company owes or is owed
  • Records of all stock that the company owns at the end of the financial year
  • Records of how stock is valued for accounts
  • A record of all goods bought and sold
  • Who the goods were bought from and sold to

Accounting Services

You will need to produce annual accounts. You may also be asked to do other accounts; say every quarter, for the bank, the shareholders or for a VAT return

The fee for accounting services is based on the number of the monthly accounting entries (sales and purchase invoices, receipts, report etc).
The price includes all the following services, as needed:

  • Checking and entering of source documents (general ledger)
  • Collection of source documents
  • Fixed Assets accounting
  • Settlements with reporting persons
  • Purchase and sales ledgers
  • Payroll accounting (up to 5 employees, 1 employee = 1 source document)
  • VAT, tax accounting, tax reporting
  • Management reports
  • Submission of declarations to the Tax and Customs Board
  • Consultation
  • Access to web-based accounting software

Initial Work

  • Getting the digital signature for the company from HMRC
  • Appointment as tax agent for the company and for individuals within the company if needed
  • Advice on what needs to be filed with the tax authorities
  • Advice on status for VAT or other schemes related to indirect tax
  • Initial warnings about the details of information needed

Periodic work

You will need to at least produce annual accounts.

  • End of accounting period date
  • What assets you are expected to have at the year end. If you are expected to have stock or goods sold on consignment or with some 'sale or return' option, as examples, we need to agree how asset will be valued
  • What accounting format is needed. Typically we would wish you to produce a directors' report, profit and loss, balance sheet and notes.
  • Companies with non-resident directors, have to register the company for VAT immediately they have any services given to UK clients or trade with any goods in the UK
  • All UK incorporated companies have to register for taxes, and are chargeable on all income anywhere in the world. They can make an election to be taxed on their foreign income in other places.
  • For some companies the shareholders and directors may need to lodge a tax return in the UK.

Quarterly or periodic work

  • Periodic accounts where needed, in order to lodge a VAT return
  • Reconciliation of figures where needed on a quarterly basi

Annual accounts and submission of Tax Return

  • Compiling and lodging the annual accounts electronically in accordance with accounting rules and legislation
  • Advice on what sort of accounts and details that should be filed for the Registry