Year End Accounts Preparation (Finalisation Of Accounts) Services

The ‘year end’ is the specific day on which a company’s financial year comes to a close, marking the end of the accounting period for which the financial statements are prepared, including the income statement, balance sheet, and cash flow statement, among others.

Financial year-end reporting is a legal requirement for transparency and accountability, ensuring that limited companies meet their annual reporting requirements to HMRC and Companies House. These statements provide a snapshot of a company’s financial performance and position. By reporting their accounts, businesses comply with regulations and contribute to transparency and accountability in the UK’s business environment.

The company’s annual accounts must be prepared accurately to reflect its financial performance and position, ensuring compliance with statutory requirements.

All companies registered in the UK (Ltd Company, LLP, Sole Trade) need to file Annual Accounts before the end of 12 months every year, from the date of incorporation. This year-end accounts, also known as Statutory or Company Accounts, need to be filed with HMRC and accounts with Companies House. Statutory accounts are detailed financial documents required by law, containing information on turnover, expenses, tax allowances, and profit, essential for calculating corporation tax and providing a summary of the company’s financial operations.

All accounting records and year-end accounts that are filed need to be in compliance with relevant company laws and need to be completed as per valid accounting principles. This will make the records useful for the purpose of filing tax returns and also for the purpose of VAT calculations.

Brief breakdown of our year-end account services

Two components form part of year end accounts – the Annual Accounts which needs to be filed with the Companies House and the Corporation Tax with Annual Accounts which needs to be field with HMRC. The first has a timeline of nine months from year end, while the latter needs to be concluded twelve months from year end.

• Formulation and development of year-end reports
• Production of complete year-end tax returns, specifically preparing and submitting the Company Tax Return (form CT600) to HMRC, which includes details of the company’s income, expenses, tax allowances, and profit, crucial for calculating the corporation tax. Our team will help you prepare annual accounts, ensuring all financial activities are accurately documented and compliant with regulations.
• Calculation and submission of the corporation tax bill, emphasizing its importance and the need to pay it 9 months and one day after the end of the accounting period.
• Complete invoicing
• Monitoring of record depreciation. We also provide detailed reports on the assets the company owns, including land, buildings, and vehicles, as highlighted in the balance sheet.
• Management of prepaid expenses
• Clarification of accounts of supplier bills
• Provision of comparisons between the current year’s reports to the previous year
• HMRC and Companies House submission

Submit Annual Accounts to beat Deadlines

We commence work on Annual Accounts well in time to beat deadlines comfortably, taking into account the company financial year covered. The timely submission of the accounts to Companies House and the CT600 (Corporation Tax) to HMRC for the specific company financial year covered ensures that penalties for late filing are avoided.

For a private limited company, it is crucial to ensure that annual accounts are prepared and submitted in accordance with statutory requirements to avoid penalties.

We make it a priority to start working on Annual Accounts well ahead of time. We understand the importance of beating deadlines comfortably.

By ensuring timely submission of the accounts to Companies House and the CT600 (Corporation Tax) to HMRC, we help you avoid any penalties for late filing. Our dedicated team is committed to providing a smooth and hassle-free experience, always keeping your best interests in mind.

You can trust us to handle your accounts efficiently, giving you peace of mind and allowing you to focus on your core business. Considering a year end accounting checklist can further ensure all documents are prepared and submitted before deadlines.

Our services include the following:

• Profit & Loss statement
• Balance sheet
• Control accounts, lead schedules
• Reconciliation
• Timely submission to Companies House & HMRC
• Preparation and filing of dormant company accounts to ensure compliance with Companies House requirements

These services are crucial for understanding the ‘financial position’ of the company, providing a snapshot of its financial status at the end of the accounting period.

Accounting services, in addition to meeting compliance requirements helps businesses with invaluable information in the reports that will help in planning and keeping the financial health of the company in better shape.

At Target Accounting, our professional teams of accountants help companies with crisp reports that are collated from the year end accounting submissions; While companies are fully aware that delayed filing invites penalties, many still end up rushing in at the last moment or after the deadline. This is entirely because of stretching resources and a lack of adequate professional knowledge of statutory requirements in filing.

Additionally, many companies lose sight of the fact that non-filing of year end accounts can be deemed to be a criminal offence which can result in the company finding itself removed from the public register.

We have considerable experience in various accounting standards that may be necessary for entities of different sizes – for instance the FRSME (Financial Reporting Standards for Medium-Sized Entities) and the FRSSE (Financial Reporting Standards for Smaller Entities).

Our services are comprehensive, offering ultimate convenience and full compliance for the clients. The nature of services and the allotment of resources to handle the requirements are dynamic, as per specific requirements in terms of technicalities and volume.

For instance, businesses that are regarded as Medium Size Entities will require reconciliation, financial statements, trial balance, statutory schedules, records of transactions as per various standards, including GAAP.

Year accounts filing is more complex in nature, and an in-house accountant, handling many responsibilities related to routine activities may not be in a position to complete all formalities on time and in an accurate manner.

Our professional and dynamic service offerings ensure that year end accounts is not the end of anything, but a beginning to a future of better financial health and complete compliance.

Considering Target Accounting for your year end accounting needs! Our team of fully qualified and local accountants is ready to assist you with efficient and reliable accounting services. As licensed and regulated professionals, we specialise in year end accounting and offer a range of other accountancy services to meet your specific requirements.

With our expertise and dedication, you can trust us to take care of all your accounting needs. So, when you’re searching for a year end accountant, don’t hesitate to reach out to the friendly team at Target Accounting today!