Year end accounts Services
Your End Of Year accounts done and dusted
Getting through all the tasks at the end of the financial year can be stressful — but it doesn’t have to be. Accessing our year-end accounts services can give you more control over your time and money.
Our meticulous approach to your accounts will make it easier than ever to stay on top of your year-end obligations. Forget missed deadlines and non-compliance penalties — we’ll prepare accurate reports well ahead of time so you don’t have to stress.
Self assessment tax returns and End of Year accounts
For sole traders and partnerships, we can submit your self-assessment returns to HMRC on your behalf. If you run a limited company, we’ll file your corporation tax returns for you as well as submit your year-end accounts to Companies House.
Understand your business better
To us, your year-end accounts aren’t a chore: they’re an opportunity to understand your business better. We’ll take what we learn from your accounts to give you deeper insight into your financial performance over the past 12 months.
With experts getting your accounts into shape, you’ll be able to dedicate more time to running your business.
Interested in learning more? Find an accounting package that works for you.
What are you waiting for?
We’re so excited to work with you and your business – let’s talk whenever you’re ready.
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“They have helped me completely transform the way I run the finances”
“If you need accountancy services, look no further. I could not recommend Lumin any more highly. They have helped me completely transform the way I run the finances in my business and have helped me build my confidence in knowing the numbers.”
-Harri Halvon-Hardy
FAQs
Do I need an accountant for end of year accounts?
Although you are not obligated to have an accountant complete your end-of-year accounts, it is highly recommended.
Preparing accurate end-of-year accounts is essential for tax compliance and understanding your business’s financial performance.
An accountant can help:
- Ensure Accuracy: They’ll ensure that your accounts are accurate, complete, and in line with accounting standards.
- Tax Filing: An accountant ensures your tax returns are filed correctly and on time, helping to avoid penalties.
- Financial Insights: They provide valuable insights into your financial health, helping you plan for the future.
- Minimise Tax Liabilities: An accountant can identify tax-saving opportunities, ensuring you pay no more than necessary.
How long do you have to submit end of year accounts?
For a limited company in the UK, the deadline for submitting end-of-year accounts to Companies House is 9 months after the end of your company’s financial year.
For example, if your financial year ends on 31st December, your accounts must be submitted by 30th September of the following year.
Additionally, your Corporation Tax return must be filed with HMRC within 12 months of your accounting period’s end, although it’s typically due 9 months after your year-end for tax payment purposes.
What is the best accounting year end date?
The best accounting year-end date depends on your business’s needs, but many businesses choose a year-end date that aligns with the end of a calendar quarter (e.g., 31st March, 30th June, 30th September, or 31st December).
Here are a few factors to consider:
- Seasonality: If your business experiences seasonal fluctuations, choose a year-end date that provides a clear picture of your financial performance after your busiest period.
- Tax Planning: Aligning your year-end with the tax year (5th April for individuals, or the end of a quarter) can simplify tax planning and reporting.
- Cash Flow: Consider the time of year when your cash flow is typically strongest, making it easier to meet year-end obligations and avoid financial strain.
- Industry Norms: Some industries have standard year-end dates for easier comparison and benchmarking.
Is my bookkeeper qualified to do my year end accounts ?
While a bookkeeper plays a crucial role in managing day-to-day financial records, year-end accounts require a higher level of expertise.
Year-end accounts involve preparing financial statements, calculating taxes, and ensuring compliance with accounting standards and regulations, which typically require professional qualifications.
A bookkeeper may assist with organising the financial data, but it’s usually necessary to work with a qualified accountant to prepare accurate and compliant year-end accounts.
What reports does an accountant need for year-end?
To prepare your year-end accounts, an accountant typically requires the following reports:
- Profit and Loss Statement (Income Statement): Summarises your business’s income, expenses, and profits over the financial year.
- Balance Sheet: Provides a snapshot of your business’s financial position, including assets, liabilities, and equity.
- Cash Flow Statement: Shows the movement of cash in and out of the business, highlighting liquidity and financial stability.
- Trial Balance: A summary of all ledger accounts to ensure your books are balanced before preparing financial statements.
- Bank Statements: To verify cash transactions and reconcile bank balances with your accounting records.
- Invoices and Receipts: For revenue and expenses, including any outstanding debts or payments.
- Payroll Reports: Detailing wages, taxes, and any benefits paid to employees during the year.
- Tax-related Documents: Including VAT returns, corporation tax calculations, and any other relevant tax records.
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