Our Rye office has a team of chartered accountants who can support Rye based businesses in preparing their end of year accounts.
What are your End of Year Accounts?
Any Limited Company will need to prepare for the end of the tax year by submitting their accounts to Companies House. These records are known as statutory accounts.
Depending on when, and how your company was set up, your year-end could be at any point during the year. Whilst most tax years end on 31st March/5th April, sometimes this will differ for any number of business or personal reasons. If in doubt, please get in touch and our team will offer advice & support.
End of Year Accounts Support in Rye
Before you can submit your accounts, you need to make sure they are in order. Working with our team in Rye, we help to guide you through the process and tie up any loose ends you may encounter.
When submitting your accounts to us, it is vital that we are given as much relevant information as possible. We have added a checklist of what we will need below for you:
- Bank statements and company credit card statements should be compiled so that we can use these to check that all of your income and expenses are listed.
- Provide any sales and purchase records so we can check these against your bank statements to ensure that the figures add up.
- If you hold stock, then make sure you do a full stock take so that we are aware of any stock you may be holding.
- If you have purchased or disposed of any equipment and assets in the year, we will need details of this. Providing these details can make a significant difference to your figures.
- If you have staff, then we will need details of your payroll (if we do not run your payroll for you).
- Provide details of finance and loan agreements that you have taken out in the year so that we can calculate any interest.
- Provide copies of the VAT returns that have been submitted in this tax year.
- If you have made any payments to shareholders such as drawings or dividends, make sure you provide details of these.
It may be that you have your own bookkeeper with digital records, or that you have already prepared your own books. If so, you may just need to submit these books to us as we can often reconcile everything by accessing your accounts system rather than all of the records listed above.
Internal preparations for your end of year
To prepare for your end of year, there are a few things you can do to make sure your internal systems are as up to date as possible. If you need help with any of the tasks listed below, please get in touch.
Chase unpaid invoices
Chasing unpaid invoices will make sure you are completely paid up to date and it will also give you an accurate picture of the work you have completed during the year. This can sometimes be a struggle so if you need help to create and manage a credit control system, please get in touch.
Claim any expenses
Expenses are taken from your profit which reduces any corporation tax due. It is important to make sure you claim for all valid expenses, but this can sometimes be trickier than it seems. Our Rye based accountants can help if you are unsure of what can be claimed for.
Pay any unpaid bills
It always makes sense to get yourself up to date by paying any debts that you owe. Not only will this ensure that you are up to date with your accounts, it will also reduce the amount of corporation tax you need to pay.
If you would like to speak to a member of our team in Rye about any of our services including End of Year Accounts, please get in touch online or call us on 01797 223127.