Accounts Services
Annual accounts services
Our ultimate goal is to help our clients to make better financial decisions.
“It takes care and dedication to prepare your annual accounts. We’re not just looking to reconcile numbers, we’re looking for opportunities to help you increase your profits and become more tax efficient.” - Justin Parker, Associate Director RWB Chartered Accountants
As a leading Chartered Accountancy practice in Nottingham, we specialise in supporting owner-managed businesses. We understand the importance of accurate and timely accounts which comply with the latest tax laws and legislation.
We have advocated with HMRC and Companies House on behalf of hundreds of clients. We have given expert witness testimony in court and we have always worked incredibly hard to achieve the best outcome for our clients.
At RWB Chartered Accountancy, we’re with you all the way.
Why choose RWB?
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We have decades of experience in helping clients with a full suite of accountancy services. Our diverse and dedicated team specialise in everything from Personal Tax and Corporate Accounts to Inheritance Tax Planning and Forensic Accounting.
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We are governed by the ICAEW, which has the highest standards of integrity and ethics.
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We have a rigorous protocol: all completed work is checked by your dedicated client manager and then again by one of our directors
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Our meticulous procedures significantly reduce the risk of anything being missed or completed incorrectly.
What our clients say
“The whole team is very efficient and responds to any questions or queries immediately. We are very happy with the service.”
— Mrinal
“This is my 41st year as a client of RWB or its predecessors. The service has always been superb and, even better, friendly.”
— James
“Nick Bonnello and the team have always been on hand to offer excellent advice and guidance at every step of the way. I can’t recommend them enough!”
— Dan
Our Statutory Accounts Process:
In order to prepare your return and tax report, we require the information below. Our secure software allows you to easily and efficiently share this information.
Business bank statements
Invoices
Receipts
Payroll information
Once we have your receipts information, we thoroughly examine your expenses – Maintaining accurate records of your expenses can help lower your profits and, consequently, the tax you must pay. However, it’s key not to make incorrect or fake claims, which could risk an HMRC penalty. Your dedicated accounts manager will discuss your expense claims.
We encourage you to pursue late payments—This helps you avoid paying tax on income not yet received.
Your dedicated accounts manager will then conduct a cross-verification, ensuring consistency between your accounts and supporting documents. As part of this process we will assess the following:
Identify tax savings opportunities
Review the efficiency of your business
Advise how you can increase your profits
Accounts are then passed to our director—After your account manager is satisfied with your accounts, they’re handed over to one of our directors. They will then conduct a detailed secondary check to ensure that all information is accurate and compliant and that all supporting documents are correct.
Accounts are dispatched via a secure portal – Your accounts manager will send your documents through our secure portal, along with a Confirmation Statement. As the Company Director, this requires you to confirm that all company information with Companies House is correct.
Sign your accounts and return them via our secure system. Make a note of the tax owed and set up a payment schedule.
Contact us
Would you like to learn more? Our team are happy to help!
FAQs
Are accountancy fees tax deductible?
Yes, accountancy fees are tax deductible if they relate to your business—for example, preparing business accounts, submitting tax returns, or handling payroll. However, costs for personal matters like self-assessment on non-business income or inheritance tax advice are not deductible. If your accountant does both, only the business-related portion can be claimed.
What is the difference between a profit and loss account and a balance sheet?
The profit and loss account shows income and expenses over a period, highlighting profit. The balance sheet is a snapshot of your business’s assets, liabilities, and equity at a point in time.
What is the difference between capital and revenue expenditure?
The profit and loss account shows income and expenses over a period, highlighting profit. The balance sheet is a snapshot of your business’s assets, liabilities, and equity at a point in time.
Why do I need management accounts if I already have year-end accounts?
Our management accounts packages are a combination of detailed financial analysis, combined with business consultancy and coaching. Unlike your annual accounts, which are a statutory requirement by HMRC, management accounts are for the sole benefit of company directors.
They can be prepared whenever needed, but this is usually either monthly or quarterly. Management accounts are essential to forming a robust business plan, allowing crucial insights to help grow your business.
What does 'year-end' mean?
Year-end refers to the last day of your company’s financial year, when you “close the books” and prepare annual accounts.
How do I choose my company’s accounting year-end?
You can choose any date when you incorporate your business, but most align with the tax year (31 March or 5 April).
What’s included in statutory accounts?
Typically, it consists of a balance sheet, profit and loss account, notes to the accounts, and a director’s report (depending on the company size).
Why does my business show a profit, but I have no cash?
Typically, it consists of a balance sheet, profit and loss account, notes to the accounts, and a director’s report (depending on the company size).
How much should I set aside for tax?
It depends on your business structure, level of profit, and how you pay yourself — but here are some general guidelines:
Corporation Tax is currently 25% for companies with profits over £250,000, and a tapered rate applies between £50,000 and £250,000. Companies with profits under £50,000 still pay the small profits rate of 19%. You may also need to set aside funds for:
Dividend tax (depending on how much you withdraw and your other income)
Employers’ National Insurance Contributions if you pay yourself a salary
Setting aside around 25–30% of your profits is a safe estimate, especially if you’re taking dividends or employing staff.
What is depreciation?
Depreciation is essential for preparing accurate and compliant annual accounts. Depreciation allows the cost of fixed assets, such as buildings, machinery, or vehicles, to be spread over their useful life, ensuring that profits are not overstated in the year of purchase and that the accounts reflect a more realistic financial position. This is vital in giving an accurate and fair view of the business, which is a fundamental financial reporting requirement. It also ensures compliance with accounting standards such as FRS 102 or IFRS, which mandate the systematic depreciation of tangible assets.
Depreciation also plays a key role in broader business considerations. While it isn’t allowable for tax purposes, it underpins the calculation of capital allowances, helping ensure clients make the most of tax reliefs like the Annual Investment Allowance. It also impacts key financial metrics, such as net profit and return on assets, which influence management decisions and external perceptions of the business. More importantly, effective depreciation policies support good asset management, providing clients with a sense of security and control over their assets, helping them budget for replacements and maintain operational efficiency.
What are accruals and prepayments?
Accruals and prepayments help match income and expenses to the correct accounting period.
Accruals are costs that have been incurred but not yet paid or invoiced — like unpaid bills or wages. These are recorded to reflect the expense in the right period.
Prepayments are expenses paid in advance for future periods — like insurance or rent. Only the portion that applies to the current period is treated as an expense; the rest is shown as an asset.