Does year end have to be signed off by an accountant?
A small un-limited company has never had the year end signed off or even looked at by an accountant...... for un-limited companies is this the way or should all year end go through an accountant? Is year end registered at companies house or is it for the Inland Revenue only. Thank you
Small Business - 2 Answers
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Answer 1 :
No accountant is ever required for any type of trader But it is wise to use one for registered limited companies As you are not a limited company you do not require one Only Limited Companies, Public Limited Companies and Limited Liability Partnerships are regulated by Companies house. All other traders correspond with the Inland revenue only
Answer 2 :
If you're a Sole Trader or Partnership then the need to produce year end accounts is largely for personal use, unless you have investors too who will want to see some. Also producing accounts allows a history of the business to be built up should you wish either to borrow money or perhaps sell the business in the future. For a small one-man business you will account for tax via the self assessment system however an accountant may well save you money and be worth an investment to consider. Limited Companies in comparison MUST file accounts each year with Companies House. They are prepared to a particular format and for this you will need an accountant.
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