Year End Accounts

WE ARE EXPERT IN YEAR END ACCOUNTS

HOW ARE YEAR END ACCOUNTS USEFUL FOR YOUR BUSINESS

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.

Completing accounts is a complex task, so we’re here to simplify the process for you! The accurate figures we produce will enable you to make insightful business decisions. After completing your accounts, we will analyse them and provide recommendations to help your business operate in the most tax efficient and profitable way possible.

Our expert accountants are always on hand to provide support tailored to your small business, from answering questions on business expenses to proactive advice on getting the most out of your accounts.

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.

NEVER MISS A DEADLINE

Our reminders will keep you out of the cross hairs of HMRC, by helping to ensure you never miss the deadline for submitting your accounts and any tax returns.

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.

Give yourself as much time to prepare the accounts as possible. Rushing can lead to errors and there may be receipts or bank statements you need to find. It also allows you to consider if you’ve claimed everything you’re entitled to and whether there are any tax planning opportunities available.

OUR YEAR END ACCOUNTS PROCEDURE

INITIAL CONTACT WITH US

• Contact V Associates at 0333 011 6352 or book an initial appointment online at info@vassociates.co.uk
• Negotiate a customized package with V Associates by choosing services of your choice. View our other services as well.

WE DISCUSS WITH YOU

• We set up proper accounting procedures and specific accounting controls so that your accounts are kept fully up to date with latest statutory regulations and market norms.
• We can train you in keeping in line with proper documentation requirements and help you establish better business practices that fulfil legal accounting and bookkeeping requirements.

SEND US YOUR DOCUMENTS

• You can send us your documents via email, upload them to cloud or send us in prepaid mail bags.
• You can send us at monthly, quarterly or yearly basis depending on the other services required by you.

YOUR ACCOUNTS ARE PREPARED

• We diligently prepare your year end accounts within time frame agreed. V Associates prides on its timeliness and time efficiency in providing accounting services to its valuable clients.
• We can also offer management accounts for your internal business insight like Cash flows, Performance ratios, Credit Controls, Budgets and Profitability.
• We prepare annual accounts in a format which is acceptable by Companies House and HMRC according to latest rules and regulations.

ACCOUNTS SENT FOR APPROVAL AND FILING

• Once your accounts are completed, they are sent to you for your approval as we cannot file them unless directors or business owners have approved them
• Upon receipt of approved accounts, we will file them with relevant authorisites (Companies House and HMRC).

YEAR END DATES ?

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!

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