Year End Accounts

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Year end accounts can be an important part of your business’s financial situation. Not only do they contain full details of your company’s progress and profits, but you have to submit year-end accounts to HMRC (and Companies House) for a variety of vital reasons.

We at TaxBite can provide all of the necessary tax return services to help you set up your year-end accounts accurately, offering bespoke services that can gather all the necessary figures for your annual accounts.

If you want to know more about what we offer, then you can contact our friendly team directly or read on to learn more.

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Year End Accounts Services

Nationwide Services

Here at TaxBite we offer our services to clients and businesses across the UK. We have numerous headquarters in Scotland, England & Wales.

Why choose us?

TaxBite was formed by an experienced team of tax advisors and accountants with a range of major accreditations, as well as 10+ years of experience helping companies complete year-end accounts. We also offer a range of additional services, as well as many other accounting options.

Quality

Our work is compliant with government guidelines, and we have built up an outstanding reputation across multiple major industries. We make sure to avoid jargon and other confusing habits, keeping everything as complete and clear as possible for our client businesses.

Past Work

We have worked with countless individuals, many business owners and a range of larger limited companies, all of which have received bespoke account work. If you would like to learn more about the year-end accounts services that our professional team can prepare, get in touch with us today!

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What are year-end accounts?

Year-end accounts are effectively a summary of how a business has performed during a single accounting period (year). These year-end accounting documents have to draw information from countless sources, all of which need to be checked for accuracy and consistency.

A business or company’s accounts have to be filed in a year-end account with both HMRC and Companies House each year, along with self-assessment tax returns. This is one of the many financial responsibilities that limited companies will often hand off to specialists like us.

Closing down a business

In some cases businesses decide to file their year-end accounts and close down, in this case you need to inform hmrc of your company strike off. By doing it lets them know that the company is no longer trading.

What are the legal requirements for year-end accounts?

You have to legally submit your year-end accounts to HMRC as well as Companies House, along with your company tax return or self-assessment tax return. This means sending these within twelve months of the company’s financial tax year, up to the last day.

These documents are used to calculate how much tax you owe and are owed, which means that they have a direct impact on things like corporation tax liability. This makes them an essential part of your tax year and directly related to your corporation tax return.

Is “year-end” the same for all Businesses?

Year-end information is related to the type of business or company being checked. A sole trader gets the freedom to choose their year end, whereas a limited company’s year-end happens on the month that they created the company. This can make it important to prepare at the right times of the calendar year.

Benefits of hiring a year-end accounts service

An accounting company like TaxBite can seem unnecessary to some people, but our expert team are actually one of the best ways to reinforce your own accounting standards. Working with TaxBite would give you benefits like:

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What year-end services do we offer?

We can offer a range of services that are perfectly suited to handling your Companies House accounts, as well as bespoke options for more specific situations. These include:

What are the costs of hiring a year-end accounts service?

Year-end services like this can vary heavily since it depends on the size of your limited company and the kind of accountants that you need.

In general, you should expect to pay around £65 to £200 for monthly work. Of course, our rates are very flexible – contact our expert staff to discuss the options we have available and what kind of budget you are sticking to.

What is included in statutory year-end accounts for HMRC and Companies House?

Your required report to HMRC and Companies House needs to include multiple core documents:

Note that smaller businesses with a low turnover only need to submit a director-signed balance sheet. We can make sure that you get the right documents to the right people.

Directors’ report

The director’s file is a report written by the company directors, going over the total performance of the business and their current financial position.

Balance sheet

The balance sheet file is a simple sheet of the assets and liabilities a company possesses.

Profit and loss (P&L)

The P&L file summarises income, expenses, and total profit or loss over the accounting period.

Explanatory notes

The explanatory notes form a deeper commentary on the balance sheet and P&L documents, covering more in-depth details about expenses, sales, and the business itself.

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What accounting records are needed for year-end accounts?

End of year accounts require five main documents:

Income and expenditure records

These reports include sales invoices, purchase receipts, and expense and bank statements for that tax year. It also needs to list outstanding debtors, as well as whether or not they are “bad debt” that can be written off as a business expense.

It also needs to include all current creditors in date order, starting with the oldest. This is to help decide which to pay first and which can be kept to pay later.

Floating assets

This report of unsold stock and incomplete work for that financial year is extremely important. It covers anything that can’t be counted as a fixed asset, including percentage completion of in-progress projects and stock that has not yet been received or replaced.

A register of fixed assets

This document is a full list of fixed assets, from equipment and vehicles to entire premises. This needs to be up-to-date and include invoices, names, descriptions, purchase dates, prices, and a list of any assets that were sold or disposed of since the previous financial year.

A record of company liabilities

This needs to be a record file of debts and investments, including ones that extend past the current year-end. These are important for keeping track of payments or tax returns that your business will be dealing with in the upcoming financial year.

Staff payroll information

Accurate payroll information is important, even in start-ups with only a few employees. If your company or business records payroll info incorrectly, you could face a criminal offence. A standard expense form and relevant receipts can be a good way to format this information.

Can I do my own end of year accounts?

While you can do your own set of accounts for the end of the year, making a mistake can lead to severe penalties or a major criminal offence. Instead of putting your own business in danger, you can put your company tax return in our hands to help avoid that risk.

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Even getting a few business bank statements wrong can alter your corporation tax and tax return, getting you in even deeper trouble.

What are the deadlines for submitting statutory accounts?

Deadlines depend on when your limited company was founded:

What if I miss a deadline for year-end reporting for corporation tax?

Missing a deadline can get you and your limited companies in serious trouble, including fraud charges. This can apply to sole traders, too.

Summary

If you want to know more about what we offer, then get in touch and ask about whatever service interests you the most. Our expert accountants are ready to prepare the filing system and take your tax return into their capable hands.