Filing year-end accounts and paying Corporation Tax (CT) on profits above the stipulated thresholds is a legal obligation of running a business.
Some business owners may do it themselves, but others, with scant knowledge of this area, will hire an experienced accountant to guarantee accurate recording of all the necessary figures and their accurate calculations in the financial statements.
Welcome to Daniel Wolfson, year-end accounting experts
Are you looking for an accountant to manage your company’s annual accounts, file them with Companies House, and prepare your CT return for HMRC? Are you looking for a holistic accountant who will be there to answer queries and advise you on how to grow your business year-round? If so, Daniel Wolfson & Co. can provide the perfect outsourcing solution.
We guarantee that your annual accounts will be 100% accurate based on the information you provide and that your statutory documents will be on time and compliant with the law.
Contact the team today to learn more about our year-end accounts service. We’ll happily answer any queries you may have, and if you’re ready to get started, we’ll guide you through the next steps.
What are year-end accounts?
The “year-end” kickstarts the process of preparing annual accounts from your company’s financial records. These accounts comprise detailed financial documents required by law. They contain information on your company’s balance sheet (showing the value of everything it owes and is owed on the last day of the financial year), the profit and loss account (detailing sales, running costs and profit or loss over the financial year), notes about the accounts, and normally (unless a micro-entity) a director’s report. These details are essential for calculating Corporation Tax and providing a summary of your company’s financial operations.
The Companies Act 2006 outlines the principles and accounting standards your company accounts must meet. Our job is to ensure this happens and that you comply with the rules set out by HMRC and Companies House, including the new regulations that came into force in 2024.
Who must file year-end accounts?
All UK-registered businesses, whether a private limited company, limited liability partnership (LLP), self-employed freelancer or contractor, are obliged to keep records of their business income and expenses and file a tax return.
Limited companies file annual accounts with Companies House and a Corporation Tax return with HMRC, while LLPs and sole traders must keep records of their business income, expenses, and investments, which they file with HMRC as a Self-Assessment tax return.
When is year-end?
The accounting year-end for limited companies is not random. It normally falls nine months and one day from the end of the business accounting period.
If you are a newly incorporated business and this is the first time filing a return, then you must file your year-end accounts within 21 months of your business registration (or incorporation) date. However, if you’re a sole trader, your year-end won’t fluctuate in line with when your business was registered with HMRC. Instead, it remains the same as the tax year (6 April to 5 April).
You may be able to submit your tax return and statutory accounts at the same time, but you should be aware that legally, the company tax return must be with HMRC 12 months after your accounting period for Corporation Tax ends. We’ll help you avoid any nasty penalties for late filing, inaccurate filing or failing to pay tax on time.
Our year-end accounts service
At Daniel Wolfson, our year-end accounting services aim to take the strain off you so you can confidently get on and run your business. We’ll take care of all financial year-end reporting, ensuring your annual accounts are completed accurately and filed on time.
Our accounting packages come with free cloud-based bookkeeping software, which allows you to securely share and store documents. The software is fully compatible with all UK statutory and regulatory bodies and has full bank integration, a mobile receipt app, and many more labour-saving features.
Daniel Wolfson’s year-end accounting checklist includes:
- Bookkeeping (if required).
- Calculating and consolidating your records, including expenditures such as equipment, plant and machinery, employee expenses, rent, as well as income, profit, and loss.
- Compiling a full set of accounts, including income statement (accruing profitability), balance sheet (company assets, liabilities, shareholder’s equity, and cash flow statement), and cash movements (operating, investments, financing, etc.).
- Checking overdue sales invoices, supplier accounts payable and your business bank statements.
- Thoroughly checking the figures and informing you of any discrepancies, potential savings and tax-planning solutions.
- Producing your tax return to send to HMRC.
- Returning drafts of your books, accounts, and tax returns for you to check, agree, and sign off.
- Submitting everything to Companies House with copies to shareholders, other relevant stakeholders, and HMRC.
Why choose us for year-end accounts preparation?
Preparing your year-end accounts takes a certain level of precision and expertise. It also takes time to gather all the important data and documents together. As a hard-working business owner with other important tasks demanding your attention, you run the risk of letting the year-end accounting slip under the radar.
At Daniel Wolfson, we’re here to prevent that from happening. We take great pride in the work we do for our clients and strive to build strong relationships, which form the basis of our holistic, proactive service model.
As a friendly team with an impeccable reputation for providing proactive accountancy services and business advice, we’ll ensure your business is in good financial health. We’ll make sure you make the most of any potential tax savings, but most importantly, we’ll guarantee 100% compliance.
Contact Daniel Wolfson today to discover how we can help you fulfil your business obligations.
Frequently asked questions about our year-end accounts service
Are year-end accounts submitted to HMRC and Companies House?
The year-end accounts must be sent to Companies House and will usually be included as part of your company tax return for HMRC.
If your company is dormant, you must inform HMRC and do not need to file a CT tax return. However, you still need to file dormant company accounts with Companies House, and you may need to prepare accounts for the company’s shareholders.
How long after year-end do you get to file company accounts?
The date private limited companies must file their accounts is usually nine months after the company’s year-end (or accounting reference date). For newly formed limited companies, accounts are typically filed within 21 months of your business registration (or incorporation) date.
Can you change your accounting year-end?
Yes, you can change your accounting year-end, but only once every five years, and not if your accounts are overdue. You can apply to change your accounting year-end online using the Companies House online service. You can find more information on the rules for changing your accounting year-end here.
