Accounts are a very important part of all businesses enabling the proprietor to keep an eye on profitability and the overall trading situation. This is particularly important for new businesses where there is often no history for comparison.

Regular management accounts can be prepared from your bookkeeping records to keep you up to date with what is going on in terms of profitability. The advent of MTD for self-assessment and rental properties can provide information that if incorporated into quarterly accounts would keep the proprietor better informed as to how the business is performing.

These accounts would provide a basis for the annual accounts and for submission to the relevant authorities.