The Companies Act 2006 sets out the various obligations that directors have in relation to running any company, chief amongst these are the rules governing the production and filing of annual accounts. The presentation and what is disclosed in these accounts are determined partly by the Act and partly through the various Statements of Recommended Practice, Financial Reporting Statements and other abstracts issued by the combined Institutes’ Accounting Standards Board and are collectively known as UK GAAP. There is no regulation that requires directors to obtain help with this, but we would strongly recommend that you do so, and that you get that help from somebody who is suitable qualified, because it is highly unlikely that anybody who has not been obliged to take long and detailed examinations on the subject followed by literally hundreds of hours of post qualification Continued Professional Development will have waded through these very dry and unexciting, but worthy, publications.
Recent Income Tax regulations have extended to rules governing accounts prepared by the self employed to the extent that they now have also to be prepared to a broadly similar standard, but with less general disclosure. UK GAAP is now the default position for what is or is not allowable against income for tax purposes. Again there is no obligation to get professional advice as to the preparation of your accounts, but unless you already have the knowledge, you will probably be much better off concentrating on what you do best and earn the money whilst delegating the preparation of your accounts to us.