Statutory accounts unlike those for limited companies do not have to be prepared for sole traders.

However many business find them useful not only to prepare their personal or partnership tax returns but also to assess how their business is developing, they have the ability to compare actual expenses with budgets estimated during the year and are able to analyse and plan how next to take their business forward.

They are also generally required for example when applying for a business loan or a personal mortgage from a bank or loan provider.

If you would like further information or to discuss your requirements please do not hesitate to contact us.