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Audit & Accounts

Audit 

Entity owners tend to regard the annual audit and preparation of annual accounts as an unavoidable statutory cost. However, at Myers Clark, we strive to use it via our management letter to provide helpful information.

Audits are governed by the Companies Act and by the International Standards on Auditing (UK and Ireland) and Myers Clark are monitored by the Institute of Chartered Accountants in England and Wales (ICAEW) to ensure we are compliant.

A review and audit of your current position can offer ways you could add value by using technology, for example, to improve efficiency.

Your annual report is an excellent way to enhance your image, and outsiders’ and your staff’s perceptions. The audit will highlight the areas which require development and we will ensure your report reflects the business appropriately, and will use it as an opportunity to 

  • Help you meet your statutory requirements
  • Conduct a review of financial and management systems

Accounts

You can use our specialists to prepare your accounts to ensure they are compliant with all the statutory and accounting requirements. HMRC now require all businesses to keep proper accounting records and Myers Clark will help you comply.

We can help you:

  • Prepare annual accounts
  • Transform internal accounts to statutory accounts
  • Identify areas for improvement
  • Assist in increasing tax efficiency

If you work through a limited company you will probably be employed, if through an LLP, Partnership or you run your business on your own you will most likely be self-employed. We will help you decide on the best business structure for your circumstances.

Company

This is a legal entity and must be compliant with the 2006 Companies Act and with the relevant accounting standards. We can help you adhere and ensure your accounts are prepared correctly. For more information about FRS 102 and the changes to accounting standards, we recommend you read our guides about the possible impact for your business

LLP

This is also a legal entity and the accounts are prepared in accordance with the Statement of Recommended Practice 2014. This is a specialised area that requires expertise and an understanding of the business structure.

Partnership

These are governed by the 1890 Partnership Act which states ‘Persons who have entered into partnership with one another are for the purposes of this Act called collectively a firm, and the name under which their business is carried on is called the firm-name.’ Partners are normally personally liable for all business debts and Myers Clark can help you navigate the regulations. We are experts in professional partnerships including doctors, dentists and solicitors and our team has excellent knowledge of the specialist requirements practices must adhere to. 

Self-Employed

The easiest way to start working on your own. We recommend you consult with us before you start ensuring you are fully compliant with HMRC’s requirements. We also offer helpful tips to avoid the many pitfalls. We will explain the complexities of tax and National Insurance and advise how much you should save each month to meet your tax bills. 

Property

We are finding many of our clients own property which they are renting out and Myers Clark can help with the preparation of the rental income accounts and the reporting to HMRC. This is a specialist area that requires specific expertise. The tax rules unfortunately specifically disallow some expenses which you would normally think would be allowable and great care is needed in drawing up the accounts.

Pension Funds

We prepare the accounts for many pension funds and are experienced in this niche area.

Client Money Audit

You may be required by your professional governing body to have regular audits relating to client monies and if you receive a grant from say the Business Innovation and Skills department an annual compliance audit over the life of the grant may be required. 

For further information, contact us on 01923 224411 or email Ian.

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