The financial reports contain profit and loss and balance sheet figures. These are the figures that are used to calculate the likes of tax liability and dividend entitlement.
These can be Sole Trader or Partnership Accounts which are entered into the Self Employed section of the Self Assessment or Partnership returns or Company Accounts which are submitted to Companies House and are available to view on the Companies House website, normally in an abbreviated form.Traditionally these are maintained by a bookkeeper but with most small business' this is done by the business owners themselves.
These can be Sole Trader or Partnership Accounts which are entered into the Self Employed section of the Self Assessment or Partnership returns or Company Accounts which are submitted to Companies House and are available to view on the Companies House website, normally in an abbreviated form.Traditionally these are maintained by a bookkeeper but with most small business' this is done by the business owners themselves.
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