Year End Accounts

In the UK, every company, whatever its size, must produce annual accounts in some form. For Sole Traders, the process is generally more straightforward, although it is always wise to keep an accurate record.

At the very least, you'll need to prepare a profit and loss sheet to complete your annual self-assessment tax return.

However, if you run a small business or a limited company, it's more complicated. Statutory year-end accounts (also called an accounting reference date for limited companies) must be prepared accurately and filed with HMRC and Companies House on time to avoid late filing penalties.

The process can be burdensome and filled with potential pitfalls. If you're a business owner, it's a yearly headache you could well do without.

Auditox Accountancy will take away the burden of year-end accounts, allowing you to focus on the day-to-day tasks that make your business what it is.


What Are Year-End Accounts?

Every business or limited company in the UK is legally obliged to prepare annual accounts at the end of every financial year. This law applies whatever the status of the business and however successful (or otherwise) it has been in the past year.

This even includes a dormant company or a business that has not made a profit.

In its simplest terms, year-end accounts are a record of a business's financial performance in the company's financial year. Each company must close its accounting period for that particular accounting year and file its statutory accounts with HMRC and Companies House.

Although this is legally required, you can choose to take on this job yourself, which many business owners do.

Even so, this isn't an easy procedure and there's no shame in admitting that it's not a task that you relish. Auditox Accountancy has highly-trained professionals that are familiar with the procedure and can prepare your accounts for you.

We make filing year-end accounts a smooth and stress-free process.

When Is Company Year-End?

Some new business ventures often fall into the trap of assuming that their year-end coincides with the HMRC tax year on April 5th.

Others believe it to be the date that their business was established. Neither is correct (although it could coincide with these dates), as this date is set by Companies House. To discover yours, you'll need to check your record on the Companies House system.

Getting this wrong can be costly, as you can be heavily fined or even have your company struck off the register for missing the filing deadline. It's important to understand that the date for sending filing accounts with Companies House may be different to the date that your tax return is due for submission to HMRC.

Why Are Year-End accounts Important?

As well as providing HMRC and Companies House with details of your company's income, an accurate and well-presented set of accounts can be used to assess your company's performance.

This is useful for avoiding any tax implications, but the information can also be provided to shareholders, banks, the public, and any potential investors.

Auditox Accountancy will prepare your accounts to a professional standard that will give your business a stepping stone to future success.

What Are Year-End Accounts?

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How Can Auditox Accountancy Help?

In the UK, it is not a legal requirement to use a qualified accountant to compile and submit your annual company accounts. However, thousands of businesses have taken advantage of professional accountants like Auditox for the sake of accuracy and convenience.

This is a wise move, as all accounts must be prepared according to specific accounting standards, such as the international financial reporting standards.

Auditox Accountancy ensures that all its accountants are trained to a high standard. You can be confident that we'll handle your accounts professionally and guide you through the pitfalls of annual accounts.

Your dedicated Auditox accountant will compile a year-end accounting checklist to ensure that nothing is missed. This will include the following, as necessary:

Bank Statements

Profit And Loss Account

Balance Sheet

Director's Report

Auditor's Report

Statutory Accounts

Company Tax Return ct600

Statement Of Financial Position

Explanatory Notes

The good news for smaller businesses is that they can submit abbreviated year-end accounts, provided they fulfil two of the following:

  • The annual turnover is less than £10.2 million.
  • There is less than £5.1 on the balance sheet.
  • The company has fewer than 50 employees.

Abbreviated accounts consist of a balance sheet signed by a named director. Even so, this still has to be accurate and submitted on time. Auditox Accountancy will ensure that all work is completed to the highest standard.

Being Prepared

It pays to keep accurate records and accounts throughout the year, as this is a significant help at year-end.

Ideally, you should have the following in-depth information at hand when your dedicated Auditox accountant takes on the task:

  • Company liabilities – a record of all long or short-term financing or operating liabilities (investments and debts).
  • Floating Assets – work in progress, incomplete sale, and sold stock.
  • Income And Expenditure – including a complete list of creditors and debtors, cheque books, bank statements, and receipts for all sales and purchases.
  • Payroll – all payroll and expenses information must be accurate, as HMRC scrutinises this carefully. Your business is liable for any errors, not the employee. Your Auditox accountant will make sure that everything is in order before any accounts are submitted.
  • Fixed Assets – anything that your company owns, such as vehicles, premises, and all IT equipment. We need to know when they were bought, the price paid, any assets disposed of in the previous year, and we'll also need receipts for all these items. Some will have depreciated in value over time, and this will have to be acknowledged in the report.

Don't worry if this all seems a lot to go through or if your accounts aren't in good shape. Auditox Accountancy has helped many businesses of all sizes, and we have a solution for you, whatever state your accounts are in at present!

Please be aware that it's only company information that we need: never include any personal financial information.

A Lower Tax Bill?

Using our extensive knowledge of the corporation tax system, we may be able to help you pay less corporation tax.

This involves exploring your company expenses to see if you are claiming all you can. Each pound spent on expenses will affect your profit and loss account, resulting in a lower tax bill.

This is an entirely legitimate process acknowledged by HMRC, with the stipulation that all expenses must be for business use.

In addition to this, Auditox Accountancy will assist you in dealing with any unpaid tax, as the rolling penalties for this can be severe.

Getting The Timing Right

Under UK law regarding your reporting duties, year-end accounts and corporation tax return must be submitted online to HMRC at the same time, and within twelve months of your company's financial year-end.

HMRC use these to calculate how much tax you will pay, so it is essential that the figures are accurate.

Also, you must send detailed information and company accounts to Companies House annually, within nine months of your company's year-end accounting period. This has to be submitted within 14 days of its due date (this is either one year after your company's incorporation date, or will match the date of your previous statement).

These can be submitted at the same time, but you must ensure that the deadlines are met to avoid late filing penalties.

Auditox Accountancy will ensure that all tasks are completed and submitted on time.

HMRC And Companies House

Auditox Accountancy understands the complex dealings of HMRC and Companies House, and we will handle all communication and correspondence for you.

Taking phone calls and sorting through paperwork relating to year-end reporting can be daunting and time-consuming.

Our expert accountants are equipped with the knowledge and experience to process these tasks efficiently and smoothly, relieving you of the burden.

VAT Registered Companies

If your company is VAT registered, you will need to complete a VAT return and a Confirmation Statement.

Although they don't necessarily need to be submitted at the same time as your year-end accounts, many businesses choose to do so for the sake of convenience.

Sorting out VAT returns is fraught with difficulties and it's easy to become bogged down in all the intricate details.

Auditox accountants are qualified to guide you through this procedure if required.

Auditox Accountancy Can Help You

Call our friendly team at Auditox Accountancy today for a free consultation and to discuss your accounting needs.

We have helped many small businesses nationwide to successfully complete and submit their year-end accounts on time.

Why not take advantage of our expertise in accounting? You can then invest that precious extra time to steering your business to further success.

How Can Auditox Accountancy Help?

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Year End Accounts FAQs

How do you prepare accounting for year end?

Can you do your own year end accounts?

What are year end procedures?

Year End Accounts FAQs

How do you prepare accounting for year end?

Can you do your own year end accounts?

What are year end procedures?

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