There's one part of the accounting process that all too few companies pay the correct amount of attention to. Thats the fixed assets owned by the company.
If we actually had a rational tax system then this wouldn't matter very much. Corporations would not be taxed at all,it would only be the distributions to shareholders that were. However, as we don't have a rational taxation system, we have to deal with the one we have. This provides for allowances, at dizzyingly different rates and over different timespans, and not getting them right can make huge differences to hte amounts of tax actually paid.
Because, as you might know, you can offset depreciation of your assets against your taxable profits so as to take advantage of the various tax reliefs.
This is, however, a right pain in the proverbial to actually do. You've got to go around and physically count every single thing that the corporation owns, just as a start.
Fortunately, there's an easy way to do this, employ the services of IM Solutions and the use of their fixed asset software. They use the best in the business (from Sage) and send a team around to do all of the counting and identifying for you.
This all gets logged into the software and the correct depreciation rates can then be applied. It really does make life so much easier, so that youcan get on with th core of your business, making your customers happy, while someone else is doing the grunt work of making the taxman happy (by providing the detailed information you want) and simoultaneously making the taxman unhappy by reducing the tax you pay.