The 12 Days of Starting Your Own Business. Day 9

Day 9 in our a series of articles covering some of the main considerations if you’re thinking of setting up your own business.

The end of your first year, what happens now?, for all types of business, a set of financial accounts will have to be prepared. The type and size of the business will determine exactly what format those will have to take, and who they should be submitted to.

For those using a limited company, accounts will have to be filed at Companies House displaying some financial information about your business to the public. Sole Traders and partnerships keep their information out of public view.

Limited companies can shorten or lengthen their accounting period should you wish to change your year end, although there are limitations on this.

If you’d like some support in either book-keeping or accounts preparation, contact Kestrel Sky Limited.