YEAR-END ACCOUNTS HIGH WYCOMBE

Are you like 800,000 other UK small business owners who received a fine for late submission of their tax return last year? Perhaps you’re fed up with the stress associated with filling out your year-end accounts? Or do you feel your time would be better spent on core business activities rather than on tendering to compliance?

If you answered YES to any of the above you are certainly in the correct place!

We’re located on High Wycombe High Street and our advisors are available to travel to your business in order to complete your year-end accounts on your behalf.

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YEAR-END ACCOUNTS SERVICE IN HIGH WYCOMBE

All limited companies that trade in the United Kingdom are required to file a ‘year-end account’ to Companies House in Cardiff. This is required under the terms of the Companies Act 2006. A failure to do so results in large fines and risks your business being struck of the Register of Companies.

There are two components that make up year-end accounts, this is your annual accounts which is filled with companies house and corporation tax with annual accounts which goes to the HMRC.

As part of our working in providing accounting and bookkeeping services to businesses in High Wycombe, we make sure that work on your year-end accounts start in time so they can be submitted comfortably before the deadline to avoid fines.

Year-end accounts also aid you in making important business decisions throughout the year. This is particularly vital if you do not take advantage of our monthly management accounting service.

Our Year-End Accounts Service Includes:

• Balance Shet
• Profit/Loss Statement
• Management Accounting
• Lead Schedules
• Submission to Companies House & HMRC in a timely manner

By investing in experienced accountants and bookkeepers in High Wycombe like our team at TFMC, you will be able to maintain a healthy financial shape for your company as well as maintaining compliance to ensure that submission of your companies year-end accounts is stress-free and completed comfortably within the deadline.

Although many companies are fully aware of the harsh penalties that come with late submissions of year-end accounts many still leave it until the last minute and end up rushing the process.

The risk of not meeting the deadline for submitting annual accounts and tax returns for your business could be devastating non-filling could be seen as a criminal offence thus resulting in the company being removed from the public registered.

Our team of accountants and bookkeepers adhere to various accounting and bookkeeping standards to fulfil our promise in making sure your business is fully compliant, this is why we aim to provide a fully comprehensive service to our clients to give peace of mind that your businesses financial management and reporting is in safe hands.

We also offer company secretarial services to help ensure that all tasks that are needed to be completed by your business as part of year-end accounts are delivered without delay.

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Year-end accounting can be complex and can be difficult to manage by an in-house accountant who will most likely be dealing with other responsibilities, by outsourcing your accounts to our team of experienced accountants and bookkeepers you will be ensuring that your businesses resources aren’t stretched and you can be assured that your businesses year-end accounting are being handled effectively.

The Financial Management Centre in High Wycombe makes sure you do not forget to file your year-end before the required date, call our team today to find out more.

WHO IS OUR YEAR-END ACCOUNTS SERVICE IS FOR?

Our year-end tax return service is ideal for the below list of businesses and individuals in High Wycombe:

• Sole traders
• Limited companies
• Directors
• Landlords renting out property
• Parents earning over £50,000 per annum and claiming child benefit
• Pensioners earning over £100,000 per annum
• Those paying PAYE and earning over £100,000 per annum

Most of the companies we perform year-end accounts for in High Wycombe include sole traders, partnerships and limited companies.

Year-End Accounts for Sole Traders

As a sole trader, your year-end accounts play a crucial role in assessing your business’s financial health and fulfilling your tax obligations. Unlike limited companies, sole traders are not legally required to file formal accounts with Companies House. However, you must still maintain accurate records of your income and expenses to complete your self-assessment tax return.

At the end of the financial year, you’ll need to prepare a profit and loss statement. This statement summarises your business’s income and expenses, allowing you to calculate your net profit or loss. The net profit figure is what you’ll report on your self-assessment tax return, and it will determine the amount of income tax and National Insurance Contributions (NICs) you owe.

Properly managing your year-end accounts as a sole trader is vital not only for tax purposes but also for understanding your business’s performance. By keeping detailed records throughout the year, you can identify areas where you might reduce costs, increase efficiency, or expand your services. Additionally, accurate year-end accounts can help you plan for the future, whether that involves reinvesting profits back into your business or saving for your tax bill.

Year-End Accounts for Partnerships

For partnerships, year-end accounts are slightly more complex than for sole traders, given that profits and losses must be divided among the partners according to the agreed-upon profit-sharing ratio. Like sole traders, partnerships are not required to submit formal accounts to Companies House, but they must still keep detailed records to complete their tax returns.

At the end of the financial year, partnerships must prepare a set of accounts that typically includes a profit and loss statement and a balance sheet. The profit and loss statement will show the partnership’s total income and expenses, resulting in a net profit or loss. This net figure is then divided among the partners according to the partnership agreement.

Each partner must report their share of the partnership’s profits on their individual self-assessment tax return. In addition to income tax, partners may also need to pay Class 2 and Class 4 National Insurance Contributions based on their share of the profits.

Accurate year-end accounts are essential for partnerships to ensure that each partner’s tax obligations are met correctly. These accounts also provide valuable insights into the partnership’s financial health, helping the partners make informed decisions about the future direction of the business.

Year-End Accounts for Limited Companies

Year-end accounts for limited companies are more formalised and come with specific legal obligations. Unlike sole traders and partnerships, limited companies must file their annual accounts with Companies House and submit a Corporation Tax return to HMRC. These accounts are essential not only for tax purposes but also for providing transparency to shareholders, investors, and creditors.

The year-end accounts for a limited company typically include several key financial statements:

• Balance Sheet: This document provides a snapshot of the company’s financial position at the end of the financial year, detailing assets, liabilities, and shareholders’ equity.
• Profit and Loss Account: This statement outlines the company’s income and expenses over the year, resulting in a net profit or loss.
• Cash Flow Statement: This statement tracks the movement of cash in and out of the business, reflecting how well the company manages its cash flow.

In addition to these, limited companies may also need to prepare a director’s report and notes to the accounts, providing additional context and explanations for the figures presented.

Filing accurate and timely year-end accounts is critical for limited companies to remain compliant with UK regulations. Failing to do so can result in penalties from both Companies House and HMRC. Furthermore, well-prepared year-end accounts are crucial for assessing the company’s financial health, securing financing, and making strategic business decisions.

For limited companies, our accounting services can be invaluable in ensuring that all statutory requirements are met and that the accounts accurately reflect your company’s financial position. Whether your company is a small startup or a more established enterprise, proper year-end accounting is key to long-term success.

CONTACT US TODAY

Contact The Financial Management Centre for tax returns High Wycombe today on 01494 801 091.

Click here to learn the location of your nearest office or complete the enquiry form.