Simply Accounts & Tax - Suffolk Based Accountants - 01394 366007

Accountants who make a difference

Information we need to be aware of when preparing company accounts

Related party transactions

We need to know about any transactions that the company has had with ‘related parties’. These would include transactions with the Directors, close family and people in the same household. We need to know the amounts involved, the type of transaction, any amounts outstanding at the year end,  the nature of the transactions and whether the transaction was on a normal commercial basis or not.

Controlling Party

This is usually the Director(s) who holds the majority of the ordinary shares. If this is not the case we need to know who is in control of the company as this needs disclosing.

Post Balance Sheet Events

These are events that happen between the year end and the date the accounts are signed off by us that have an impact on transactions or balances in the year in question. Examples include destruction of stock by fire, sale/issue of shares, results of a legal case or insurance claim. If in any doubt, tell us anyway and we will help you decide whether it is relevant or not.

Contingent Liabilities

We need to know about anything that may need to be provided for in the accounts as a contingent liability or provision. Examples of these would include commencement of legal proceedings against the company and entering into a lease agreement. Again, if in doubt, let us know anyway.

Associated Companies

It is important that we know of any associated companies in order to determine at what rate you should pay corporation tax. These will potentially include worldwide companies of spouses and family members. Please provide details below of any potential associated companies. This could also include none limited companies, such as partnerships. If in doubt, please contact us to discuss further. Paying tax at the wrong rate will result in interest, could result in penalties and HMRC can go back 6 years!