Year End Accounts
Would you like to focus on the day-to-day running of your business without any unnecessary hassle?
Under the Companies Act, all Limited Companies (LTDs) and Limited Liability partnerships (LLPs) are required to file annual statutory accounts at Companies House. LTDs and LLPs have a legal duty to produce year-end accounts, but HMRC and banks prefer that all businesses, including Sole Traders and Partnerships, produce year-end accounts. Year-end accounts usually cover a period of 12 months, ending on your company’s official Accounting Reference Date (ARD).
Compiling these accounts is a daunting prospect to undertake, whether your company is already established or a relatively new start-up. We can relieve you of this burden and make sure everything is filed on time.
Selecting a Year End
Limited companies, partnerships, and sole traders are all free to choose their own year end.
Many business owners decide between the tax year (either 31st March or 5th April) and the calendar year (31st December). By selecting the tax year, you can base your tax obligation on the most recent set of finalised accounts and keep it as current as feasible. As a result, some business owners favour having a tax year finish since it gives them a better idea of their potential tax liability. For sole traders or partners, choosing the 31st March or 5th April will also prevent any challenging overlap relief computations.
As an alternative, you may select a year end that works for your business. This would be a slow period of time when you could gather everything together, count your stock, compile your unbilled work, etc.
Consider making the year ends align if you have multiple businesses. Due to their similarity, the deadlines will be simpler to remember, but it also means they will all arrive at once.
The preparation of partnership and sole proprietorship accounts should begin well before the 31st January filing deadline for taxes; we recommend starting work one t two months after year-end. Companies usually have nine months from the year end to file their accounts at Companies House, and it’s possible to check the Companies House website to see when the company accounts filing date is.
Give yourself as much time as you can to prepare the accounting. Rushing can result in mistakes, and you might need to look for receipts or bank statements. It also enables you to determine whether you have claimed all allowable expenses and reliefs and whether there are any prospects for tax planning.
Bookkeeping
Accounts preparation starts from the completed bookkeeping. Whether your bookkeeping records are computerised, spreadsheets, a cashbook, or a bag of receipts, we can create your accounts using them. Additionally, we can give you advice on how to improve your record-keeping practises, which will enable you to manage your business more successfully.
Keeping your books up to date throughout the year should keep you on top of your finances; it also reduces our costs and fees for preparing your accounts.
It goes without saying that we will compile your books in compliance with accounting standards and ensure that you are getting all of the tax savings to which you are entitled.
You will be relieved of what can be a very stressful and time-consuming task if you let us prepare your year-end accounts, whether you are a sole trader, partnership, or limited company.
Preparing End of Year Accounts
For companies, the deadline for filing your accounts at Companies House is usually nine months after year-end. But your company’s first accounts are due for filing with Companies House 21 months after the date you registered with Companies House, which can be up to a month before your year-end.
We aim to prepare your end of year accounts within three months of your year-end, whether you are a company or self-employed. We like to finalise accounts well ahead of any deadline; all you need to do is give us your records, no matter what state they’re in, and we will handle the rest.
Being on time is important as you’ll want to avoid late filing penalties of up to £1,500 (and doubled if your were late last year). If you’re very late your company can also be struck off, and the company’s officers (you) can be subject to criminal prosecution.
As soon as we have everything we need, we’ll prepare your end of year accounts without delay, making it a simple and uncomplicated process. We ensure all documents are compliant and accurate, so you’ll never have to worry about being fined for mistakes.
We can also prepare accounts for sole traders and partnerships for whatever reason they are required, whether it be for tax purposes or for your bank.
Filing End of Year Accounts
Once we’ve drafted your end of year accounts we’ll sit down and discuss them with you and identify any actions required. We’ll then take care of the filing for you so that you can focus on the current financial year.