Although many people don't realise it, the accountancy profession plays a pivotal role in the way the world functions. Accountants don't simply add up lists of numbers. It's far more detailed and involved than this, which is why it is vital that you only engage qualified professional accountants, like Auditox Accountancy for your accountancy needs.
To do this, it helps if you understand what accountants in County Durham can do for you and why you might need Auditox Accountants to guide you.
All businesses make transactions, either with suppliers, other businesses or with customers and clients. Each transaction must be carefully recorded to give an exact record that can be used to prepare financial statements, monthly or annual reports (or year-end accounts), and for future financial planning.
These figures must be accurate, and the auditing procedure is used to check for and investigate any discrepancies. Auditox advocates best practices in accountancy standards at all times, protecting UK public interest through integrity and openness.
Most big companies have in-house accounting departments and an internal audit section that work together to ensure that the accounts are prepared precisely and according to the law.
Most accountancy firms offer similar services, although they are by no means equal. The dedicated team of professionals at Auditox have the expertise to advise and assist with the following:
In addition to all this, Auditox can also offer support and advice on the following:
The world of taxation can be tricky to negotiate. Auditox will provide support in all areas of business tax relating to income, investment gains and losses, any qualifying deductions and donations. They will help clients to pay their taxes in the most efficient way, maximising any exemptions.
We can assist you with Capital Gains Tax, Inheritance Tax, National Insurance contributions, VAT Returns, Income Tax, and Corporation Tax.
When a company is faced with bankruptcy, as its liabilities exceed company assets, it needs a professional accountant to handle the matter efficiently and delicately. A chartered accountant is qualified to act as a liquidator, who sells off any company assets to pay any outstanding debts.
As the government negotiations continue, the fallout from Brexit is a cause for concern for thousands of businesses of all sizes throughout the UK, but with small businesses particularly affected. Auditox is committed to supporting clients through this period of uncertainty and will guide you through the maze of changing legislation and offer sound advice on business strategy and cash flow, helping your firm to cope with the changing legislation.
Few self-employed people enjoy the process of completing their Self-Assessment Tax Returns. An Auditox accountant is qualified to complete your tax return, calculate your tax liability, file the return online, and work with you to ensure that the tax bill is paid on time. They will inform you of any discrepancies and liaise with you to resolve these before the tax return is submitted.
If necessary, we will negotiate with HMRC to secure a deferment of your tax bill if your company is experiencing cash flow problems. We will then arrange a convenient payment plan, minimising the risk of an HMRC inquiry into your financial affairs.
Accountants can identify potential cash flow problems quickly and find solutions to provide capital, preparing the client for uncertainty and resolving the problem before any negative effects are felt. This results in a more stable business in future.
Management accounting is a specific area of accounting services that deals with decision making. Accuracy is always essential, but even more so in this case. All information must be as up to date as possible in order to ensure that financial decisions are sound.
Any investment carries an element of risk. Therefore, it is essential that an investor has accurate data regarding any company prior to investment so they can minimise and manage that risk.
An Auditox accountant will help potential investors to examine financial statements in order to understand an asset's value, calculate profitability, and estimate any risks that might be hidden within the balance sheet.
County Durham Put simply, chartered accountants County Durham
Each one will belong to a professional accounting body, such as CIMA (Chartered Institute of Management Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales), and they may be an ACCA member. The ACCA (Association of Chartered Certified Accountants) is based in London, though it is recognised at an international level.
An accountant can only fulfil their role if you provide detailed information within the required timeframe. It is up to you to ensure that they have the right data at the right time.
This includes details of all invoices, expenses, and any other expenditure or income. You also need to forward any relevant correspondence, including letters from HMRC and copies of your bank statements.
It's important to be aware that, as the business owner or company director, you are liable for any penalties due to misleading information, inaccurate initial accounts, or missed deadlines.
Employing an accountant is a two-way relationship: you provide full and accurate data at the right time, and Auditox ensures that your accounts are prepared professionally and competently.
If your need professional accountancy services in County Durham, contact Auditox Accountancy today.