Year End Accounts

Year End Accounts

Nobody we know looks forward to this unavoidable task?

BUT Duport make the process simple, we guide you through it and produce your yearend accounts easily and on time. We do this with our monthly service, or with our one-off annual service.

 

What’s a ‘year end’?

In the UK, business’s need to report accounts for HMRC and Companies House annually. The ‘year end’ refers to the day that your business’s financial year ends.

If you’re a sole trader, the best date is the 5th of April, to match the end of the UK tax year. This avoids a lot of work and confusion with HMRC!

If you are a limited company, then Companies House will set your year end on the last day of the anniversary of the month in which you incorporated the company.

We will file all your accounts for you on time, there’s just a couple of things you’ll need to get together (unless of course you’re already using our monthly service in which case its already done)

  • Your sales invoices or details of your sales
  • Find all the paperwork for your purchases and expenses
  • Gather your business bank statements for the year

Once we have all the necessary paperwork, it’s our job to do the work. You just focus on running your customers.

 

What we do for you

You can do your own yearend accounts but don’t get them wrong! You can receive a fine for not filing on time or for filing with mistakes, or end up overpaying tax and missing out on benefits.

We will help you gather the correct documents and provide your yearend accounts for submission to HMRC and Companies House. It’s our job that’s what you are getting when you use our service.

Our purpose is to make the process simple and easy for you.

  1. Accounting experts do you bookkeeping
  2. Prepare all the necessary figures
  3. Create a full set of accounts
  4. Thorough review and check the figures.
  5. Create the tax return
  6. Send it to you to sign off
  7. Submit everything to HMRC and Companies House for you
  8. Do it on time

Tax is complicated and ever changing. So, we are here to help you.

 

Questions?

What is filed with HMRC?

  • Company tax return (CT600)
  • Statutory accounts (your annual accounts)
  • Personal tax return (SA100)

You will need your full annual accounts showing profit or loss for the year, a balance sheet showing the net value of your business. A calculation of your taxable profit – not necessarily the profit shown in your accounts! Then you need to complete the forms and submit them to HMRC online.

 

What needs to be filed with Companies House?

  • Statutory accounts (either full, abbreviated or micro) including:
  • a ‘balance sheet’, including the value of everything the company owns, owes and is owed on the last day of the financial year
  • a ‘profit and loss account’, showing company’s sales, operating costs and the profit or loss during the financial year
  • notes about the accounts
  • a director’s report (unless you’re a ‘micro-entity’)

While making sure your accounts are prepared on one of the accounting standards:

  • International Financial Reporting Standards
  • New UK Generally Accepted Accounting Practice

 

Is there a deadline?
Yes.

HMRC must have your Company Tax Return within 12 months of the end of the accounting period but you must pay any corporation tax 9 months and 1 day after your year end, so in real terms you need to have your company tax return within 9 months of the year end.

Companies House require your annual accounts within 9 months of your year end.

 

Is there a penalty for missing the deadline?
Oh yes.

Late-submission penalties start at £100 and keep increasing the longer you leave them, don’t do it.

We are here to help you

 

Why choose Duport?
We want to help you get this right.

We are experts at delivering comprehensive accounting services.

You will have the knowledge to really be on control.

You focus on your business not bureaucracy.

 

Are you interested?

Get a quote for our monthly services or as a one-off package.

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