What is the The Purpose of Annual Confirmation Statement by Tax Accountant?

A Tax Accountant Annual Confirmation Statement is required annually by UK tax accountants. The statement shows the accountant’s view of the year’s activities. It shows the following key points: a statement of the business and turnover for the year; the income and expense accounts; the profit and loss account; and finally, a statement showing the statutory audit costs. It also shows if the accountant parties to any claims made or liabilities established in the course of the year. These are called “related-party” claims and liabilities. Annual Confirmation statements not require for corporate accounts as these would normally be submit in conjunction with Annual Financial Reports.


Can be Prepare by the Company’s Independent Accountant

The Annual Confirmation Statement can be prepare by the company’s independent accountant or a firm of accountants. There are many accounting firms of London that provide all services to corporate and other financial clients of all sizes. Accountants working for accounting firms of London are highly qualified professionals and hold professional qualifications equivalent to those held by Certified Public Accountants (CPA). The services provided by accountants working for tax accounting firms include preparing the London Company Tax Refund and London UK Non-domestic Business Assessment.



Must Obtain Approval from the CPA and the Secretary of State

In order to prepare a tax return, the tax accountant must obtain approval from the CPA and the Secretary of State. If there are valid reasons, they will be require to submit a VAT refund request to the UK VAT Department. If approved, the VAT refund will be deposited into the designated bank account of the tax accountant. This service is usually provided by the tax accounting firms of London. They are familiar with all the necessary documentation and know how to complete it correctly and in line with UK tax laws.


Follow the Stipulated Procedure to Obtain Approval for the VAT Refund Claim

The tax accountant must follow the stipulated procedure to obtain approval for the VAT refund claim. After checking the status of the VAT refund, they must file an Annual Confirmation Statement with the appropriate authorities. The Annual Confirmation Statement is available from the tax department of London. This document uses to update the information held on the records regarding the year’s sales and purchases, inventories and payments.



Keep Track of Your Finances

One of the best perks of using an accountant to keep track of your finances is that you can be assure that everything is being done according to the rules of the country. One of the biggest problems that small businesses have is that there can be a lot of difference between the amount of income and expenses that are record by them. With the benefit of online accounting, all of these differences are easily record because all of them are done online in a database system, which is very easy to use.


Active Holder of a Business in the UK

A separate London tax return must be file annually by the tax accountant for every individual who is an active holder of a business in the UK. All documents that relate to a business must be file along with the annual return and should be signe by the tax accountant. For business owners, the annual statement of accounts should be submitte to them along with the yearly return. It is advisable to send tax returns by email as this is the fastest means of receiving them.



For Small Businesses

Cost efficiency Another benefit of online accounting software for small businesses is its cost efficiency. Since your transactions are automatically updates in the cloud, you do not have to pay extra money for an accounting service. This means you are able to cut costs related to hiring accountants who can do your bookkeeping tasks for you. Your overhead costs will then be reduce, thus giving you more money to put back into the business to boost it up.


Online Accounting Service Application form to the UK Tax Authority

The tax accountant needs to submit an Online Accounting Service Application form to the UK tax authority. The online application can be access by anyone at any time of the day and night. This is the fastest method of obtaining statements and other documents. The online accounting service can also be use by anyone traveling to London to make tax returns.



Pay a One Off fee in Order to Access the Confidential Tax Returns 

Taxpayers in the UK have to pay a one off fee in order to access the confidential tax returns of their business. A UK tax accountant can use the services of an accountancy firm that authorizes to act on behalf of a client and provide the needed support and services. The tax accounting service can help prepare the annual return and provide reports on it. If the tax accountant is unable to meet these requirements, then the taxpayer can request for a refund.



Annual Tax Notes prepare by the tax accountant once a year. These notes contain all information regarding the year’s tax returns and related transactions. The tax accountant’s confidential tax information only gives to those authorized to see it. The Annual Tax Notes prepare and store in confidential files at the tax office in London.

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