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Why are Business Accounts needed?A Business Account is needed for the following reasons:
- To prepare the Tax Returns of the Business & the Business Owners
- To enable the Business Owners to assess the profitability or otherwise of the Business
- To comply with the statutory obligations of the Business
- To enable credit institutions to assess your suitability for loans, equipment finance & overdrafts etc.
- Sole Trader
What is a Sole Trader?A sole trader is a person who is not incorporated & does not share the profits of the business with anybody else.
What is a Partnership?A partnership consists of at least two people who are operating a Business together, who are not incorporated & who share the profits in an agree ratio.
What is a Company?A company is an incorporated business, usually with limited liability and with at least one shareholder. It has a separate legal entity to its owners – the shareholders.
Each of the above entities has its own advantages & disadvantages which should be considered prior to start up. Even after start up it may be more advantageous to convert your Business to a different entity. We at Tax Assistance can advise on this.
ComplianceAs well as preparing your Business Accounts we can advise and assist you with all your compliance requirements, whether it is preparing your VAT Return, advising & assisting with Bookkeeping, submitting your Annual Return to the Companies Office (Limited Companies), submitting your end of year PAYE Return (P35) or preparing your personal Income Tax Return
Contact Us to find out more about the advantages of Westland Tax & Accountancy Ltd. being your Business Accountants.
Read about the advantages & disadvantages of operating as a Limited Company