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Every business needs to prepare their complete accounts for HMRC and Companies House one year at a time. The 'year end' refers to the day that your company's financial period ends. If you're a sole trader, we recommend setting your year end at April 5th – to match the end of the tax year.
To compile an accurate set of accounts and an accurate year end accounts statement then there can be a lot of work required, TFMC accountants in Southend work with our clients in several ways, depending on each clients individual requirements.
Often, we deal with businesses who keep track of their own day-to-day accounts and come to us to complete their year-end accounts and submit their statement. This is fine but not recommended as we do not get the opportunity to understand the full business and make tax saving recommendations.
Our most common requirement for Year End Accounts is either from our existing clients or from new clients who no longer have the time to be completing their accounts alongside running their business. With this type of client, we will discuss all of their requirements and advise the way forward, often introducing systems or learning current systems. More times than not we also work with these client's in other service areas i.e. we run their bookkeeping, payroll, management accounts and tax returns etc.
Companies can pick their own year-end and deciding the right time for you can make the process a lot easier and faster. A popular choice of time for the year-end, is often the end of the tax year – which is normally at the start of April. This allows companies to run their strategy and ensure their policies are updated to include the most recent changes in legislations. This can minimise the chances of fines and penalties.
Our Year End Accounts Southend Team can help you pinpoint the perfect time for your year end. It is very much dependent on your target consumer base, local market and competitors. We can help you manage your inventory, by investigating and analysing your monthly accounting records.
If your business requires Year End Accounts producing or any other accountancy related services, get in touch today either via our contact form or by calling us on 01702 814 623.
The Financial Management Centre UK Limited.
Registered in England & Wales company number 06304852.
Basepoint Business Centre, Metcalf Way,