The completion each year of a "snapshot" of business standing. Required for production to tax and other relevant authorities.
Every business whether Limited Company, Sole Trader or Partnership has a statutory requirement to complete accounts for the business on an annual basis.
The requirements for each type of business differ with each sector having it's own unique set of rules to follow.
As an example, a Sole Trader may only need a simple Income and Expenditure Statement where a Limited Company requires a more in depth set of accounts including Balance Sheet and Profit and Loss Statements and will also need to complete a return to Companies House every year.
For best advice and to ensure everything is completed in accordance with current practise it's always best to seek professional help.
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