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A set of accounts is an analysis of a business’s financial circumstances. It shows how much a business is turning over in a particular financial year as well as how much the business has spent and made in profit. Accounts also convey the solvency or insolvency of a business i.e. whether the assets owned are worth more than its liabilities.

Accounts may be needed for many things such as proof of how much the business makes if the owner is applying for a loan or credit, or just for the owners own files.

In contrast, a tax return is a summary of this analysis and shows only the information HMRC needs in order to know how much you owe it in tax and national insurance. A tax return is solely for the benefit of HMRC and is based on the accounts that would have been completed prior to it.

There are different types of tax return; a corporation tax return which is a summary of the earnings and profit of a company, and a self-assessment return which is the same thing but for a self-employed individual.

At The Accountancy Partnership, we offer a full accountancy service including the completion of any accounts you may require as well as a balance sheet and the submission of any necessary returns for a low cost monthly fee. Additionally, we are always on hand to answer any questions you may have or provide any advice you may need inclusive in the fee.

For more information, or a quotation for the completion of accounts and returns please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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