Year End Accounts

Year end accounts often form the basis of your Self Assessment tax return and provide a valuable insight into your business.

For sole traders and partnerships, year end accounts will form the basis of the business owners’ self assessment tax return.

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

The year end accounts provide invaluable information about your business. You can see if the margin on your sales prices is set appropriately and how the latest performance compares to last year. Movements in sales and expenses are laid bare, allowing you to make better decisions in the future. Anomalies are highlighted and can then be investigated. Having year end accounts brings you closer to your business and will help drive success.

Banks will also prefer to see a set of accounts for self employed applicants looking to raise finance or apply for a mortgage.

Our year-end finalization of accounts service includes:

Opening balances confirmation with last audited financial statement
General Ledger scrutiny
Prepayments and accruals computation
Depreciation and amortization computation
Major account receivables and accounts payable reconciliation
Deferred Tax Computation
Tax Expenses and Tax Liability account reconciliation and required paperwork
Basic ratio analysis based on industry-standard ratios
Preparation of assisting schedules and workings sheets to financial statements
Preparation of financial statements such as Trial Balance, Income Statement, Balance Sheet, Cash Flow Statement
Advice on improving bookkeeping by the organization

Bookkeeping

We can prepare your accounts from whatever bookkeeping records you have – whether they be computerised, spreadsheets, a cashbook or a bag of receipts. And we can advise you on how to strengthen your record keeping procedures, which in turn will help you run your business more effectively.

It goes without saying that your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything you are entitled to.

Whether you are a sole trader, partnership or limited company, letting us prepare your year end accounts will relieve you of what can be an extremely stressful and time-consuming exercise.

We are here to help

Our accountants offer competitive pricing with flexible appointment times and are dedicated to offering a professional, friendly service.

If you need assistance with your year end accounts, simply call our friendly team now on 0800 0523 555 or drop us a line using our online enquiry form.

Deciding on a Year End

Limited companies, partnerships and sole traders are free to pick whatever year end they like.

Many business owners will pick a calendar year or the tax year (either 31st March or 5th April). Picking the tax year will make your tax liability based on the latest finalised accounts and therefore as current as possible. Consequently, some business owners prefer to have a tax year end, because they have a better feel for what their tax liability might be. Opting for the 31st March or 5th April will also avoid any complicated overlap relief calculations for sole traders or partners.

Alternatively, you might choose a year end that suits your business – a quiet time of the year when you can have the time get everything together: count up stock and summarise your unbilled work, etc.

If you have other business interests, think about making the year ends all the same. This means the deadlines are easier to remember because they will be similar but does also mean they all come at once!

You should look to prepare sole traders accounts and partnership accounts well ahead of the tax return deadline of 31st January. Companies typically have nine months from their year end to complete their accounts, but it’s always best to check on Companies House’s website what the company accounts filing deadline is.

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