Services
Year End Accounts
As accountants specialising in UK year-end accounts, we provide comprehensive services to ensure that your financial statements are prepared accurately and submitted on time. Year-end accounts are a critical requirement for businesses, as they provide a detailed summary of your financial performance and are used to calculate your tax liabilities. Whether you are a sole trader or a limited company, we tailor our year-end accounting services to meet your specific needs, using cloud-based software like Xero and QuickBooks or integrating with your existing systems for a seamless and efficient process.
Year-End Accounts Services for Sole Traders
- Preparation of Profit & Loss Account For sole traders, year-end accounts typically include a profit and loss statement that summarizes your business income and expenses for the financial year. We ensure that all revenue streams and deductible expenses are accurately recorded and categorized in Xero or QuickBooks. This allows us to calculate your taxable profit, making sure you only pay what is due and claim all eligible deductions.
- Balance Sheet Preparation While sole traders are not legally required to submit a balance sheet to HMRC, it’s still a valuable tool for understanding your business’s financial position. We can prepare a balance sheet showing your assets, liabilities, and capital, providing you with a complete picture of your business finances at the end of the year.
- Self-Assessment Tax Returns Once your year-end accounts are prepared, we use the data to complete and submit your self-assessment tax return to HMRC. This ensures that your tax liabilities are calculated correctly, and all allowable expenses, capital allowances, and reliefs are applied to minimise your tax bill.
- Cash Flow & Business Performance Insights By preparing your year-end accounts, we also provide insights into your cash flow, business performance, and profitability. With Xero or QuickBooks, we generate reports that help you understand key financial trends, enabling you to make informed decisions for the future growth of your business.
Year-End Accounts Services for Limited Companies
- Statutory Accounts Preparation Limited companies are required by law to prepare and submit statutory accounts at the end of each financial year. These include a balance sheet, profit and loss statement, and notes to the accounts. We ensure your statutory accounts are prepared in compliance with UK accounting standards and Companies House requirements, using Xero or QuickBooks to ensure accuracy and efficiency.
- Corporation Tax Computation Along with your statutory accounts, we calculate your corporation tax liability based on your profits for the year. We ensure all allowable deductions and reliefs, such as R&D tax credits and capital allowances, are applied to minimise your corporation tax bill. Once the tax is calculated, we submit the necessary filings to HMRC, ensuring full compliance.
- Filing with Companies House and HMRC We handle all the necessary filings of your year-end accounts with Companies House and HMRC. This includes submitting your company’s accounts, confirmation statement, and corporation tax return (CT600), ensuring all deadlines are met to avoid penalties or fines.
- Director’s Report & Shareholder Distributions As part of the year-end accounts process, we can help you prepare the director’s report, which provides an overview of your company’s performance and financial health. Additionally, we advise on shareholder distributions, ensuring dividends are calculated and distributed in a tax-efficient manner, in line with company law.
- Financial Performance Analysis Year-end accounts are not just a legal requirement—they provide valuable insights into your company’s financial health. Using Xero or QuickBooks, we generate detailed reports that help you analyse your revenue, expenses, profitability, and cash flow. These insights can be used to make informed strategic decisions for the future growth of your business.
- Capital Allowances & Tax Reliefs We help limited companies claim capital allowances on qualifying business assets, reducing taxable profits and lowering corporation tax liabilities. We also ensure that any other applicable tax reliefs, such as R&D tax credits or loss carry backs, are accurately applied to minimise your tax bill.
Why Choose Us?
- Accurate & Compliant Year-End Accounts: We ensure your year-end accounts are prepared in full compliance with UK accounting standards and HMRC/Companies House requirements, avoiding costly penalties and fines.
- Timely Submissions: We guarantee that all filings, whether for sole traders or limited companies, are submitted accurately and on time, ensuring compliance and peace of mind.
- Tailored to Your Business Structure: Whether you are a sole trader or a limited company, we tailor our year-end accounts services to meet your specific business needs, helping you reduce tax liabilities and gain valuable financial insights.
- Integrated Accounting Solutions: Using Xero, QuickBooks, or your existing accounting system, we automate the year-end accounts process, making it seamless, efficient, and transparent.
- Expert Tax Planning: We identify tax-saving opportunities during the preparation of your year-end accounts, ensuring that all eligible deductions, allowances, and reliefs are applied to minimise your tax liabilities.
- Financial Insights & Reports: Beyond compliance, our year-end accounts services provide you with valuable insights into your business’s performance, cash flow, and profitability, helping you make informed decisions for the future.
Whether you’re a sole trader or the director of a limited company, our year-end accounts services provide you with accurate, compliant financial statements and tax filings. With Xero, QuickBooks, or your existing systems, we ensure the entire process is streamlined, efficient, and tailored to your business’s specific needs.
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TAILORED ACCOUNTING FOR YOUR UNIQUE BUSINESS
Our tailored accounting services cater to your unique business needs, ensuring accurate financial management and strategic insights for informed decision-making.
