When preparing your financial statements, several aspects are inseparable to us:
Demonstrate a true and fair view of the state of affairs of a business;
Utilise tax planning opportunities;
Plan ahead for the future.
It is absolutely crucial for your accounting records to be accurate and a mirror image of the actual situation within your business. This can be achieved by detailed work to be carried out whilst preparing financial statements and should always encounter a view of minimising your tax liabilities, whether income tax in a sole trader or partnership situation or corporation tax for a company. But it is just as important to incorporate a balance between the statements that are being prepared, the preceding year figures and the year that has not closed yet. Therefore, great care must be taken and you can only achieve this by engaging experienced advisors working for you.