Accounts and investment proof certification

[marcnath]

I am getting ready for submitting the renewal application and couple of questions.

The document requirement says "Businesses that are not required to produce audited accounts must provide unaudited
accounts, sometimes called management accounts, together with a certificate of
confirmation from a suitably regulated accountant"

An accountant I spoke to says there is a difference between unaudited accounts and management accounts. Management accounts are simpler. Any advice on what is needed here ?

My investment is made into two different companies, which I believe should not be an issue. Any views to the contrary ?

Any recommendations of accountants who are familiar with this service and can give the certifications and an idea of the costs will also be appreciated.

[GLL]

I am getting ready for submitting the renewal application and couple of questions.

The document requirement says "Businesses that are not required to produce audited accounts must provide unaudited
accounts, sometimes called management accounts, together with a certificate of
confirmation from a suitably regulated accountant"

An accountant I spoke to says there is a difference between unaudited accounts and management accounts. Management accounts are simpler. Any advice on what is needed here ?

My investment is made into two different companies, which I believe should not be an issue. Any views to the contrary ?

Any recommendations of accountants who are familiar with this service and can give the certifications and an idea of the costs will also be appreciated.

Your accountant is right, there is a difference between management accounts and unaudited accounts. As i understand you are extending your application, so you will have to provide accounts for 3 years. I assume you should have unaudited accounts for the previous years and if this year accounts are not yet due perhaps you can go for the management accounts, discuss this with your accountant.
If your investment is made in two different companies this is not an issue, it will just increase your paperwork and costs, as you will have to provide 3 year accounts of both companies with the accountant letter certifying both companies unless you structured your investment through a holding company.
Regarding the costs it will depend on your business, the volume of trade and how many years of accounts you need to do.

[qul]

If you have a limited company then you would normally need to submit unaudited accounts to Companies House and a corporation tax return to HMRC.

The cost for this starts from around £500+VAT, depending on the complexity involved and you should have proper records to support your genuine business transactions. Please pm me for a proper quote.

Audited accounts are only required if your company breaches the size limits for a small company (sales > £6.5m, assets > £3.26m etc)

[kashif11]

hi can u give me ur email i want to contact u. because i also planning for reapplying entrepreneur visa. thanks

[MTZ510]

What if a small company not required by law to submit audited accounts, opt for the Audit? Whats the benefit of preparing Audited Accounts vs Un audited Accounts?
Being a new member you wouldn't be able to use PM can you share your email on this thread.

If you have a limited company then you would normally need to submit unaudited accounts to Companies House and a corporation tax return to HMRC.

The cost for this starts from around £500+VAT, depending on the complexity involved and you should have proper records to support your genuine business transactions. Please pm me for a proper quote.

Audited accounts are only required if your company breaches the size limits for a small company (sales > £6.5m, assets > £3.26m etc)

[qul]

An audit is performed by an independent auditor and involves a number of tests and procedures to try and verify that the contents of the accounts are true and fair or to find errors/ommissions etc. A clean audit report should then provide readers with some assurance that the accounts are reliable. An audit involves a lot more work than unaudited accounts so normally costs more eg our fees are at least £1,500+VAT for a simple audit (plus acs/tax fee).

So a voluntary audit is sometimes useful if clients are sending their accounts to 3rd parties such as investors, banks, customers/suppliers or counterparties etc. But I'm not sure if it would make a difference when applying for a visa as it depends on whether UKBA place any importance on an audit, unfortunately there are some dodgy auditors out there who will sign anything.

Thanks, I didn't know all the rules for this forum. My email is enquiries@mah.uk.com