Year end accounts
We use this term to refer to the accounts produced for unincorporated businesses, sole traders and partnerships (other than LLP).
Although there is no general legal requirement to produce accounts in a particular format the Income Tax Acts require accounts to be produced in accordance with GAAP (Generally Accepted Accounting Practice) which therefore imports the requirement to include SSAP's, FRS's and UITF's.
An unincorporated entity may have special reporting requirements or client money requirements such as Solicitors or Chartered Surveyors for whom we are delighted to act.
Legislation passed in the 2013 Finance Act enables certain businesses to produce simplified Accounts on a cash basis although it is considered this has limited application due to the associated rules which have to be complied with.