Filing year end accounts and paying Corporation Tax (CT) on profits above the stipulated thresholds is a legal obligation for every UK business. Whether you’re based in London or across the UK, ensuring your year-end accounts are accurate and compliant is crucial for avoiding penalties and supporting your business’s financial health.
Some business owners may handle this themselves, but many—especially those without in-depth accounting knowledge—choose to hire an experienced firm for year end accounting services UK. This ensures all figures are accurately recorded and your financial statements are prepared correctly.
Welcome to Daniel Wolfson & Co: Year-End Accounts London Specialists
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? Do you need a holistic accountant who can answer queries and advise you on business growth throughout the year? Daniel Wolfson & Co offers comprehensive year end accounts support UK and the perfect outsourcing solution for businesses in London and across the UK.
We guarantee your annual accounts will be 100% accurate based on the information you provide, and that all statutory documents will be submitted on time and in full compliance with UK law.
Contact our team today to learn more about our year end accounting services UK. We’re happy to answer any queries, and if you’re ready to get started, we’ll guide you through every step.
What Are Year-End Accounts?
The “year-end” marks the process of preparing your company’s annual accounts from its financial records. These accounts are a legal requirement and include:
- Balance Sheet: Details everything your company owes and is owed at the end of the financial year.
- Profit and Loss Account: Reports sales, running costs, and profit or loss over the year.
- Notes About the Accounts
- Director’s Report: Required unless your company is a micro-entity.
These documents are essential for calculating Corporation Tax and provide a summary of your company’s financial operations. The Companies Act 2006 sets the standards your accounts must meet. Our year end accounts support in UK ensures you comply with all HMRC and Companies House rules, including the latest 2024 regulations.
Who Must File Year-End Accounts?
All UK-registered businesses—including private limited companies, LLPs, self-employed freelancers, and contractors—must keep records of business income and expenses and file a tax return.
- Limited Companies: File annual accounts with Companies House and a Corporation Tax return with HMRC.
- LLPs & Sole Traders: Keep records and file with HMRC as a Self-Assessment tax return.
When is year-end?
For limited companies, the accounting year-end typically falls nine months and one day after the end of the business accounting period.
- Newly Incorporated Businesses: File year-end accounts within 21 months of registration.
- Sole Traders: Year-end aligns with the tax year (6 April to 5 April).
You may submit your tax return and statutory accounts together, but the company tax return must be with HMRC 12 months after your accounting period ends. Our year end accounting services help you avoid penalties for late or inaccurate filing.
Our Year End Accounts Support Services
At Daniel Wolfson & Co, our year end accounting services UK are designed to take the strain off you, so you can focus on running your business. We handle all financial year-end reporting, ensuring your annual accounts are completed accurately and filed on time.
Our accounting packages include free, cloud-based bookkeeping software for secure document sharing and storage. The software is fully compatible with all UK statutory and regulatory bodies, features full bank integration, a mobile receipt app, and many more labour-saving tools.
Our Year-End Accounts Checklist Includes:
- Bookkeeping (if required)
- Calculating and consolidating your records (expenditures, equipment, employee expenses, rent, income, profit, and loss)
- Compiling a full set of accounts: income statement, balance sheet, cash flow statement
- Checking overdue sales invoices, supplier accounts payable, and business bank statements
- Identifying discrepancies, potential savings, and tax-planning solutions
- Preparing and submitting your tax return to HMRC
- Returning drafts of your books, accounts, and tax returns for your review and approval
- Submitting everything to Companies House, with copies to shareholders, stakeholders, and HMRC
Why Choose Us for Year End Accounting Services UK?
Preparing year-end accounts requires precision, expertise, and time. As a busy business owner, year-end accounting can easily slip under the radar. Our year end accounts support ensures this never happens.
We are proud of our reputation for proactive accountancy services and business advice. Our holistic approach means we’ll keep your business in good financial health, maximise tax savings, and guarantee 100% compliance with all UK regulations.
Contact Daniel Wolfson & Co today to discover how our expert team can help you meet your business obligations with our trusted year end accounting services UK.
Frequently Asked Questions
Are year-end accounts submitted to HMRC and Companies House?
Yes, year-end accounts must be submitted to Companies House and are typically included as part of your company tax return to HMRC. This is a legal requirement for all UK-registered companies, ensuring compliance with both Companies House and HMRC regulations.
– If your company is dormant, you must inform HMRC and are not required to file a Corporation Tax (CT) return. However, you still need to file dormant company accounts with Companies House and may need to prepare accounts for shareholders.
How long after year-end do you get to file company accounts?
Private limited companies must file their accounts within nine months after the company’s year-end (also known as the accounting reference date).
For newly formed limited companies, the first accounts are usually due within 21 months of business registration (incorporation) date.
Our year end accounts support UK ensures you meet every deadline and avoid penalties.
Can you change your accounting year-end?
Yes, you can change your accounting year-end, but there are specific rules you must follow. You can only extend your company’s financial year once every five years, up to a maximum period of 18 months, unless your company is in administration or you are aligning dates with a parent or subsidiary company.
There is no limit to how many times you can shorten your accounting period, but you cannot make any changes if your accounts are already overdue. The process can be completed online using the Companies House service, or by submitting the appropriate form by post.
Changing your company’s year-end will also affect your filing deadlines, and you must notify both Companies House and HMRC of the change.
For more information on the rules and process, it is advisable to consult the Companies House guidelines or speak with our experts for tailored advice. For reliable, compliant, and expert year end accounting services UK, contact Daniel Wolfson & Co today. We provide comprehensive year end accounts support UK for businesses in London and across the UK, ensuring all your statutory obligations are met with ease
What documents and information do I need to provide for year-end accounts preparation?
To prepare your year-end accounts, you’ll need to provide financial records (bank statements, invoices, receipts), company records (constitution, meeting minutes), payroll information, tax returns, and details of any significant transactions or changes during the year
What penalties apply for late filing of year-end accounts?
If you miss the filing deadline, Companies House will automatically issue a penalty. The amount increases the longer the accounts are overdue, and persistent late filing can result in more severe consequences, including compulsory strike-off or prosecution.
Can in-house staff prepare year-end accounts, or do I need an accountant?
While business owners or in-house staff can prepare year-end accounts, it requires a strong understanding of accounting principles and UK tax regulations. Many businesses choose professional year end accountants to ensure accuracy and compliance, reducing the risk of costly errors
Will I have a dedicated accountant or advisor throughout the year-end accounts process?
Yes, reputable firms like daniel wolfson will assign a dedicated accountant or advisor to manage your year-end accounts and answer your queries throughout the process.
What is the typical turnaround time for preparing year-end accounts?
Turnaround time depends on your business’s complexity and how quickly you provide the required information. Most firms give a personalised timeframe after reviewing your records.
How do you ensure data security and confidentiality when handling my accounts?
We use secure, encrypted cloud-based systems and follow strict data protection protocols to ensure your financial information is kept confidential and compliant with GDPR regulations.
What are the benefits of outsourcing year-end accounting services?
Outsourcing year-end accounting provides access to expert knowledge, ensures compliance, saves time, reduces costs, and allows you to focus on core business activities.
