All companies must prepare annual accounts: for shareholders, and for returns to HM Revenue & Customs (HMRC) and Companies House. Smaller companies, with an annual turnover of less than £6.5 million and total assets under £3.26 million, generally do not require an audit.
Almost all companies use accounting software and the services of an accountant to prepare their accounts. Being organised makes it relatively simple to provide the information your accountant needs. You can also use this information to review and improve your business operations.
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