FADS

Introduction

• This stands for : Financial Accounts for Directors and Shareholders (FADS).
• It is a complete package of the transactions for the accounting period.
• Month by month and represents Monthly Management Accounts.
• Provides details of the make up of monthly accounts.
• The purpose is for the Directors to “scrutinise” all the transactions.
• Also determine the “approximate” tax position.
• The FADS can be produced of an interim period or for the whole financial year.
• Where it is the year end, you will need to give Authorisation and Approval (AAA) to the next phase.
• Which leads to the production of the following:
  • Final Accounts for Companies House (FACH).
  • Final Accounts for HMRC (FAIR).
  • Corporation Tax Return (CT600).

Link to Previous Articles:

https://www.avar.co.uk/articles/fads-form/