Our annual service package for self employed individuals, sole traders and partnerships includes the following services for your business:
Year End Accounts & Tax
- Preparation of your annual business accounts
- Preparation of tax computations for the year
- Completion of Self Assessment Tax Return(s) for the business for the tax year
- Submission of your Self Assessment Tax Return(s) to HMRC or Revenue Commissioners on your behalf
- Advising on your Self Assessment income tax liabilities and due dates for payment
Your responsibilities: What do you need to do?
Your responsibilities in respect of your annual business accounts and tax returns are as follows:
- You will ensure that your business books, systems and records are reliable, accurate and complete. This includes maintaining your books on Xero no less than once per month, although we highly recommend that you update Xero every week.
- You will make all such books and records available to us as and when required
- If certain financial matters are not recorded within your books and records, you will provide us with all information and explanations relevant to the purpose and compilation of your annual business accounts and tax returns
- In the absence of documentary evidence or a proper record of certain financial data, you will provide us with a reasonable estimate where necessary
- You will ensure that the activities of your business are conducted honestly and that its assets are safeguarded, and for establishing arrangements designed to deter fraudulent or other dishonest conduct and to detect any that occurs
- You will provide us with written confirmation of any information or explanations given to us verbally during the delivery of our service package should we request this
- The annual business accounts must be approved and signed by you before we are able to issue our Accountants’ Report thereon
- Your tax returns must be approved and signed by you prior to submission of same on your behalf to HMRC or Revenue Commissioners
Your key requirement as part of our year-end accounting service is that you will deliver your business books and records to our office within 4 weeks of your financial year-end or on the date agreed with your client manager in line with our annual client work plan.
In return, we guarantee that your annual business accounts will be completed, approved and ready for submission to relevant bodies within 4 weeks submission to us (subject to your commitment to respond to any queries raised by us during the delivery of our services within two working days in all instances)
Books will be deemed to be submitted in full once all items requested and necessary for the completion of your accounts and tax return(s) are delivered to us, based on an annual checklist provided to you requesting the necessary documents and other information. In most cases, work will not commence until all items on your checklist are provided to us.
Responsibilities of reporting accountants: What will we do for you?
Our responsibilities as your reporting accountants in the delivery of this service package are as follows:
- We will compile your annual business accounts and tax returns for your approval based on the accounting books, systems and records maintained by you and other information and explanations you give to us
- We will ensure that your annual business accounts are prepared in the appropriate format for your business, taking into account relevant legislation and best practice
- We shall comply with our professional duty to compile accounts which conform to generally accepted accounting principles. In rare circumstances where the format or policies do not conform to accepted accounting principles, this will be made clear in our report or in the annual business accounts
Our work will not be an audit of the financial statements in accordance with International Standards on Auditing. Consequently, our work will not provide any assurance that the accounting records or the financial statements are free from material misstatement, whether caused by fraud, other irregularities or error and cannot be relied on to identify weaknesses in internal controls.
Since we have not carried out an audit, nor confirmed in any way the accuracy or reasonableness of the accounting records maintained by the company, we are unable to provide any assurance as to whether the financial statements that we prepare from those records present a true and fair view.
We have a professional responsibility not to allow our name to be associated with accounts which may be misleading. In extreme cases where this matter cannot be resolved, we will withdraw from the engagement and notify you in writing.
Form of accountants’ report: What will our report say?
We shall report to you that in accordance with your service contract we have compiled, without carrying out an audit, the financial information from the accounting records of the entity and from the information and explanations supplied to us. The report should not be used for any purpose other than as set out in your service contract.
Exclusions: What’s not included as part of this package?
The following list provides a list of the most common examples of services not included within this service package:
- Assistance with any HMRC or Revenue enquiry into your business tax returns
- Work forming part of any other professional service package available from our firm (such as VAT returns and payroll services)
- Additional work necessary in corresponding with certain third parties including banks, financial advisors or other government departments (such as grant funders)
If your business is selected for enquiry by HMRC or Revenue Commissioners, we will issue separate terms and conditions for such services including respective responsibilities, pricing and payment terms.