So that any organisation or business can determine its financial results at the end of a period of time, or understand its financial position at any particular point in time, it will need to draw up annual financial statements. Such work is an essential element of the WSM Property compliance service. We ensure that the accounts are compiled in accordance with the very latest regulatory guidance and standards.
- Q.
- Do annual accounts need to be filed with HMRC in addition to the tax return?
- A.
- Yes. It is now a statutory requirement that accounts are drawn up according to GAAP (S.25 ITTOIA 2005). The profits are then adjusted, as required by the tax legislation, in order to calculate profits for income tax purposes.