Statutory accounts are mandatory year-end accounts required by HMRC, Companies House, and shareholders of your company. They include a simple balance sheet and a profit and loss account and are used to calculate the amount of corporation tax your business owes for the year.
Recording your transactions in Xero throughout the tax year brings a number of benefits when it comes to completing your statutory accounts.
it means we’ll have all your data to hand in the right format, so we can process your accounts quickly and efficiently at year-end. No need to bring us a shoebox full of papers and receipts.
keeping your books on Xero means you’ll have a much clearer idea of your tax liability before the bill lands. Easy reporting and forecasting features allow you a valuable glimpse into the future – and ensure no nasty shocks when the final figure arrives.
With a traditional accountant, you’re simply buying a tax bill, A bill for a bill. With MNM and Xero, you get added insight – and the undeniable convenience of the cloud.
Why we’re better placed to complete your accounts?
Here at MNM, we can produce your statutory accounts for you with a minimum of fuss. We not only prepare your year-end statutory accounts, but we also take the time to understand your company, identify opportunities to save tax, help you understand your financial performance and position of the business, and much more…
Our qualified team of chartered accountants is here to assist you. We can assess what information of your company needs to give HMRC and Companies House with just one phone call. We assist with collating all the relevant information required and guide you through the filing process and help you rectify any errors.
Working with us also gives you access to a wealth of expert advice that can help you improve your financial reporting.
We will complete your corporation tax returns (or your self-assessment, if you’re self-employed), file abbreviated accounts with the Companies House, and ensure compliance with all relevant tax legislation.
More importantly, we can usually help you reduce your tax debt by more than we charge for the service – so you’ll often end up saving more than you spend.
Get in touch with our accounts team to find out more about what we can do for you.