Riverside Logo Riverside Financial Consultancy Ltd.

Call us now

020 8741 1144

Company Accounts & Taxation

Company Accounts and Taxation

Every single company and individual is unique in character. Each owner/director has different needs and personal objectives and for themselves and their companies. The interaction between the owner and the company is more complex that a simple unincorporated trade but it is well established that trading through a limited company has distinct cost and tax advantages.
Riverside aims to ensure customers understand the financial benefits of the arrangement as well as the legal responsibilities involved. This gives an appreciation of the overall tax position and helps avoids non-compliance.
The majority of companies operate a payroll and are usually registered for VAT. Although varying enormously they all have to comply with filing obligations. A more detailed schedule is given in An annual working/filing cycle for a Limited Company. A summary of the filing requirements is as follows:

  • File abbreviated accounts at Companies House
  • Pay Corporation Tax
  • File a Corporation Tax Return (CT 600) and Statutory Accounts with HM Revenue and Customs (HMRC)
  • File an Annual Return at Companies House
  • File VAT returns and pay VAT (if applicable)
  • File payroll payment summary with HMRC and pay PAYE/NI to HMRC
  • File a P11d -summary of benefits in kind

A brief description of what we do is as follows:
Riverside usually prepares accounts in the appropriate format from the management accounts produced by the book-keeping package used for the quarterly accounts production -(please see Book-keeping and management accounts).

  • Year-end adjustments are made after tax-planning has been carried out and the Corporation Tax liability is calculated.
  • Profits after tax are usually distributed by way of dividends to the owners. We calculate the optimal amount.
  • Once approved, special IXBRL format accounts required by HMRC are produced to attach to the CT 600 and the whole package is submitted on line
  • We follow up the online submission and tax payment to ensure everything is in order.

Preparation of year end accounts is part of an integrated financial accounting service -what we do is akin to being a Finance department for a small company and in most cases the statutory accounts are the final stage of the annual accounting process during the year.
Most of our existing clients are VAT registered and we prepare quarterly management accounts which dovetail with the year end and other work (please see VAT and Book-keeping ).
Where we do not prepare quarterly accounts, bi-annual management accounts are normally produced. These will be used to produce the annual accounts as described above.
If the client has their own book-keeping facility, we assess the easiest way to incorporate the client’s accounts into our system and work from that.