01252 975000 [email protected]

Compliance

 Advice all year round

All reputable accountants will supply you with year-end accounts which will be compliant with the current Financial Reporting Standards (FRS101, FRS102(A), and FRS105), and we are no exception.

However, in our experience, our clients want us to be available for questions and advice all year round, not just at filing time and this is what we are happy to offer. By offering this service we can be on hand to assist in decision making, especially when it effects financing, changing year ends or changes in share ownership.

 Helping your business

Having us by your side also helps with decision making and the resulting communications when things occur out of the blue. We can help to keep you fully ahead of deadlines and help your business to be pro-active and to be able to fly ahead of any storm clouds!

 Independent Reviews for Charities and Not for Profit Organisations

Aviatrix Accountants has experience as an Independent Financial Reviewer for charities and not for profit organisations. It is a legal requirement that any of these organisations with an annual income exceeding £25,000 must have an independent examination of their accounts, and if the annual income is above £1m, their accounts must be audited. An audit is also required if their assets are above £3.26m and income is above £250,000.
Aviatrix is happy to review accounts or complete an independent examination for any organisations to which this applies. This will ensure that the income and expenditure is compliant with both the applicable Statement of Recommended Practice (SORP) and the Charities Commission. For larger organisations we can produce compliant accounts to be audited separately.

 

Aviatrix Accountancy - Compliance - Year-end accounts. Young man working on his taxes

 ATOL Reporting

It is not just travel agents who have to be ATOL registered and have their annual accounts reviewed by an ATOL Reporting Accountant. Any UK business who receives money from passengers for flights either in the UK or abroad, has to issue an ATOL Certificate to prove they are covered by the Air Travel Organisers License.
As part of our work with the aviation industry, we are pleased to be registered as an ATOL Registered Accountant with the ACCA (Association of Chartered Certified Accountants) and will soon be listed on the Civil Aviation Authority list of accredited accountancy firms.
So, don’t hesitate to contact us if you are part of the aviation or travel industry and need our help.

 FAQ’s

Do I need an accountant to file my year end accounts for my Limited company?

If you need to have your business audited, you will need an independent auditor to complete this. If you don’t need an audit, then you don’t need an accountant to file your accounts. However, you will need to know the requirements of FRS102 and FRS105, for items to include and exclude on your submitted accounts. If they are submitted incorrectly, they can be rejected by company’s house and as it is very difficult to get any incorrect submissions removed, it can result in too much information relating to your business’ finances held on record, for anyone to see.

The errors held on record and the fact that your accounts have not been verified by an independent third party can make it harder to obtain finance or credit when trading with larger suppliers. 

 

When do I need to submit my accounts by?

Accounts need to be submitted nine months after the financial year end. You have longer to file your tax return which relates to your accounts, but only nine months and one day in which to pay it.

My company is a subsidiary of a foreign parent company, what format do I use to file my accounts?
To be compliant with UK laws, you should file your accounts with the required disclosures under the Companies Act 2006 and the current Financial Reporting Standards. If you have to disclose additional or different information, to be compliant with the laws under which your parent company is trading, you can disclose your accounts under International Accounting Standards with explanations for any deviation from disclosure requirements. However, most small businesses will file accounts under UK standards and then transfer data via a separate form to the parent company for inclusion in its group accounts.
I am in a partnership; do I have to file a self-assessment return?
Yes, however when preparing partnership accounts, your accountant will use the information from there to file each partners’ return on their behalf. Remember, if a partnership has three partners, then four returns need to be filed, one for each partner plus one for the partnership itself.
What is a confirmation statement? Do I have to file one?
A confirmation statement is separate from your annual accounts, as it just advises companies house of who owns the business and who the officers are. After incorporation, you need to file this once a year with any updates, stating no updates if everything is unchanged. You can request that your accountant files these on your behalf, as they often have a different filing deadline to the accounts, as this would depend on your incorporation date.
Do I have to file dormant accounts?
Yes, however these are very basic and if done on your behalf, the fees for this should be a lot less than for a trading company. Again, as with the confirmation statement, your accountant is best placed to ensure that this is filed on time.
If I file dormant accounts, do I need to file a confirmation statement?
Yes, you must submit both accounting statements and confirmation statements every year. Failure to do so could result in your company being struck off.

 Blog posts

Future planning

Management accounts

Tax

Future planning

Management accounts

Tax