Annual accounts
At the initial meeting between a client and one of the partners of the firm, wide
ranging
advice is given to that client concerning the records which need to be
maintained for
income tax purposes, to record income and expenditure arising
from self employment
or private practice. The records to be maintained by each
client and the system
suggested have been very carefully designed, in order to
minimise the time and effort
expended by the client, but at the same time,
produce reliable accurate, high quality
records to be used by our Accounts
Department staff in the preparation of the client’s
annual accounts.
When the
accounts are prepared and sent to the client, an accompanying letter
provides
a detailed commentary on the results, as well as providing further tax
and
financial
advice. Once the client has agreed the accounts, we then submit the
information to the
Inland Revenue on the relevant Tax Return and consequently,
we
will agree the figures
with the Inspector of Taxes. At the appropriate time in the
calendar
year each client is
sent a check list detailing the information we require in
order to
prepare his or her self
employed annual accounts. This check list system
ensures that
each client knows
precisely what information is needed and when to
submit it to us, so
avoiding any doubt,
or delay, in dealing with that client’s financial
and tax affairs.