In this article, you have a glossary of the different reports to understand their meaning and how you can use them. Learn how to manage Reports and how to manage MTD.

Glossary of Reports

Tax Reports

  • Statement Of Account : shows the summary of the activity for the selected account over a time period that you specify. An example of when you would use this would be to see the details of motor expenses.

  • Balance Sheet : gives a summary of your business assets, liabilities and shareholder equity at a specific point in time. This report can be used as part of the production of your annual accounts.

  • Audit Trail : chronologically catalogues all your business transactions for a particular period. Use this report to look for transactions over a period or search for specific transactions.

  • Trial Balance : the balances of your accounts at a specific point in time. This would be the main report to prepare your annual accounts.

  • Statement of Changes in Equity : identifies the changes in shareholder equity. This will show for example profit added in any given period.

  • Corporation Tax : calculates your Corporation Tax liability. This is only available in Limited companies and is replaced by Self Assessment Report in sole traders.

  • Self Assessment : this report produces the self employed (SAF103F) that is required as part of your Self Assessment Tax Return by HMRC. Use this to help you complete your tax return.

  • Profit and Loss : allows you to have a report of your profit and loss over a certain period which you can specify. Used in preparing your annual accounts.

  • VAT Return : Calculates and reports on your output and input tax, and prepares your VAT Return. The VAT reports are compatible with MTD. This helps you to stay compliant with HMRC VAT declarations. Also it lets you see your VAT liability at any time.

Management Reports

  • Management Profit And Loss : allows you to have a comparative of your profit and loss between certain periods. Useful for seeing trends in your trading situation and helps you make informed decisions.

  • Management Balance Sheet : allows you to compare Balance Sheet against other periods, for example this quarter with two previous quarters. This helps you see how your businesses's health is performing.

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