If you need help with your end of year accounts in Tenterden, we can help. Our qualified team of chartered accountants can manage and process your end of year accounts.
What are your End of Year Accounts?
Every year businesses are legally required to submit their accounts to HMRC. Often these are known as statutory accounts.
Preparing for your End of Year Accounts
If you choose to work with us, there are a number of things we will need from you to complete your end of year. If in doubt, a member of our team in Tenterden will guide you through the process and explain what we need from you.
This checklist will help you to prepare all of the documentation that we will need from you:
- Compile company credit card statements and bank statements, we will use these to check your income and expenses.
- Compile records of purchases and sales, we will check these against your bank statements to ensure that the figures are correct.
- It is important to make sure you have accounted for any stock you may be holding, so do a full, up to date stock check and provide the details of this.
- Provide details of any equipment or assets that you have purchased or disposed of in the last year as this can make a difference to your figures.
- If you have staff and we do not already run your payroll, then you will need to provide details of your payroll to us.
- If you have taken out any loan or finance agreements in the year, please provide details of this so that we can calculate the tax for you.
- Provide copies of your submitted VAT returns from this year.
- Provide details of any payments that have been made to your shareholders, these will include drawings & dividends.
If you have already prepared your own books, or have your own bookkeeper with digital records, we may not need all of the items listed above. You can submit these books to us, and we can often reconcile everything by accessing your accounts system.
Internal preparations for your end of year
There are so many things you can do to prepare for your end of year, such as making sure your internal systems are up to date, we have listed a few of these below. These are not only good practice, but they will make sure that the information that you submit to us is up to date and accurate.
Chase unpaid invoices
Every business wants to manage their cash flow effectively, but this is especially important before preparing your end of year accounts. Talk to businesses who owe you money and secure an agreed payment date. If you need help to develop a plan to manage your cash flow, our advisors can help.
Claim your expenses
Expenses are taken from your profit which will reduce any corporation tax due. It is important to make sure that the expenses you are claiming for are correct and legal, but you also want to make sure you are claiming for everything that you legitimately can. Talk to our team in Tenterden to find out more.
Pay any unpaid bills
In the same way that claiming expenses will reduce your profit, so will paying off all of your bills. It isn't just good business practice to tie up your accounts before the end of your tax year, it will also reduce the amount of tax you need to pay.
If you would like to speak to a member of our team in Tenterden about any of our services including End of Year Accounts, please get in touch online or call us on 01580 765171.