Sigma Accounting:

Sigma Accounting specialises in providing accountancy and business advisory services to owner managed businesses based on the Isle of Man.

For an informal discussion about how we can help you with the accountancy requirements of your business please contact us.

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SIGMA accounting

Sigma Accounting is registered in the Isle of Man (number 023280B)

and is a member of the ICAEW Practice Assurance Scheme.

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How an accountant can help your business:

If you run a business, you're legally required to;

• Keep accounting records that are sufficient to show and explain the transactions of the business. This will involve regular bookkeeping work.

• Keep certain other financial records, including ITIP (Income tax instalment payments) records if you have employees, and VAT records if you're VAT registered. This will again involve regular bookkeeping work.

• Submit an annual tax return to the Treasury. This will involve the preparation of financial statements (generally referred to as accounts).

If you're a limited company, you also have to file statutory documents with the Companies Registry to ensure the registry entry for your company is kept up to date. At the very least this will be an Annual Return but there is more information on statutory filings in our guide.

You could decide to do some of this work yourself - but many businesses prefer to employ an accountant for at least some of it. For example, you might not have the time or necessary skills available to do all the accounting work yourself, or you may simply not want to do it yourself.

In addition to basic accounting functions, many accountants also offer other services, such as start-up business and management systems advice.