When an accounting period ends (normally after 12 months) the clock starts to count down for a Limited Company to send certain documents to HMRC and Companies’ House.
One of those items is a set of Year End Accounts that is normally made up of a profit and loss account to confirm the profitability and a balance sheet that shows the assets and liabilities of the business at its year end. Limited Companies also prepare year end accounts as a basis for reporting corporation tax to HMRC.
At Elite we use HMRC accredited software to prepare and file your year end accounts in an accurate, affordable and time efficient manner.
Limited company accounts will also have details of the directors’ salaries and the dividends paid to shareholders.
For sole traders and partnerships, year end accounts will be prepared for the completion of a business owners’ self assessment tax return.
Your year end accounts will also provide vital information about your business. You are able to see if the margin on your sales prices is set suitably and how your latest performance compares to your previous year results. All of your sales and expenses are available to see clearly. This will allow you to make important decisions about the future of your business with a clearer idea of what might happen. You will be able to analytically see any differences year on year which will allow you to quantify the changes.
Leaving your year-end accounts to the last minute can be stressful and unproductive. If you start working on this as soon as the accounting year has come to a close you will learn months in advance how much tax you are likely to pay, allowing you to concentrate on the new financial year.
At Elite Financial Accounting we offer a personalised and bespoke service. We have a team of experts that will help relieve the stressful and time-consuming process of your year end accounts.
We will discuss your accounts with you in detail, explaining what the various figures mean so you understand the numbers. We can advise you on how to strengthen your record keeping procedure, which will help you run your business more efficiently and effectively.
If you want more information about how we can help you then contact us today!