Year End-Accounts

Year-end accounts are mandatory can attract penalties if not prepared accurately and submitted on time. Verity Accountants can help you with year-end to meet deadlines. 

Year-end accounts often form the basis of your Self-Assessment tax return and provide a valuable insight into your business.  If you’re a sole trader or your business is a partnership, year-end accounts will form the basis of the business owners’ self-assessment tax return.

For owner-managed limited companies, the limited company accounts will contain details of the directors’ salaries and the dividends paid to shareholders, which will need to tally with their self-assessment tax return. For a partnership business, the year-end accounts will also provide the balance on each partner’s current account.

Year-End Accounts Services

Verity Accountants understand the importance of providing you with award-winning year-end account services. We understand that accurate and detailed year-end accounts helps Business owners and Directors of companies to see if the margin on your sales prices is set appropriately and ensure that you receive the latest performance of their business compares to last year. Such a trend helps Business Owners to make important decisions and take the necessary actions to address risks and shortcomings.

In the Year-End Accounts report, Our Accountants will:

  • Make the extent of sales and expenses clear, allowing you to make better decisions in the future.
  • Highlight anomalies that need to be
  • Identify risks to the business
  • Provide advice for business growth
  • Bring Business Owners and Directors closer to their business
  • Identify opportunities for growth and help drive success

At Verity Accountants, we’re focused on preparing your year-end accounts in accordance with accounting standards and HMRC Compliance but also check that you are claiming everything you are entitled to.

Whether you’re a sole trader, partnership or limited company, we can prepare your year-end accounts to the highest standard to relieve you of what can be an extremely stressful and time-consuming exercise.

Verity Accountants know what taxable expenses that you have to report and the claims that you can make. Our Accountants, Tax and Business Advisors will talk you through the record of expenses you have to keep.

Click here for a copy of the list of allowable expenses

Why is Year-End Accounts Important?

Your year-end account is very important document for many reasons  and  that’s why you need experienced accountants to support you. Your year-end accounts may be needed when you:

  • Wish to raise finance for your business
  • Want to secure mortgage
  • Are looking to expand your business
  • Wish increase your profile
  • Plan to change the status of company e.g from Limited Liability to Partnership

Filing Year-End Accounts

HMRC and Companies House also require you to file abbreviated accounts within 9 months of the accounting year end if you are an incorporated company.  Failure to do so means your company could be struck off voluntarily.

Verity Accountants feel that (9 months) is plenty of time to get all the books in order well ahead of the due date. We have full confidence of completing you year-end accounts and file the report to HMRC and Companies House ahead of time as long as you submit your records to us ahead of statutory deadline. It doesn’t matter what shape your records may be in, our team will sort them out, only submit your records at least 2 months ahead of statutory deadline.

Our Accountants can also provide guidance on the improvements you can make with certain business practices like bookkeeping such that the accounting is hassle free.  Also, for complete peace of mind, you can ask our Accountants to take the burden of bookkeeping, payroll, invoicing and your whole accounting system to give you a peace of mind with regards to year end accounts.

What next?

For a free initial consultations for Year-End Accounts, please feel free to get in touch via email or our quick contact form below or to speak to an advisor phone T: +44(0) 203 643 5295.

Year-End Accounts Preparation Services

Our Certified Chartered Accountants offer competitive pricing with flexible appointment times and are dedicated to offering a professional, friendly accounting, tax and business advice and services.  We help our clients to understand what can be the most challenging exercise in their business. Get your end-of year accounts right and you deal with any mitigating risks and compliance issues so you can focus on your business. Our Accountants have many years’ experience and understand how to tailor our accounting services to suit individual needs. They support business owners and directors to:

  • Decide pick whatever year end they like. However, many business owners will pick a calendar year or the tax year (either 31st March or 5th April) and some pick the quiet time of year. Picking the tax year will make your tax liability based on the latest finalised accounts and therefore as current as possible.
  • Prepare sole traders, limited liability and partnership accounts well ahead of the tax return deadline of 31st January to prevent your company being struck off by Companies House.
  • Consider if they’ve claimed everything they’re entitled to and whether there are anytax planning opportunities
  • Keep thoroughbookkeeping records – whether they be computerised, spreadsheets, a cashbook or a bag of receipts. Our accountants can advise you on how to strengthen your record keeping procedures, which in turn will help you run your business more effectively.
  • Have access to accounting services such as cash flow, budgeting, stock levels and credit control
  • Keep with tax and statutory regulations throughout the year.