Banks will also prefer to see a set of accounts for self employed applicants looking to raise finance or apply for a mortgage.
Deciding on a Year End
Limited companies, partnerships and sole traders are free to pick whatever year end they like.
Many business owners will pick a calendar year or the tax year (either 31st March or 5th April). Picking the tax year will make your tax liability based on the latest finalised accounts and therefore as current as possible. Consequently, some business owners prefer to have a tax year end, because they have a better feel for what their tax liability might be. Opting for the 31st March or 5th April will also avoid any complicated overlap relief calculations for sole traders or partners.
Alternatively, you might choose a year end that suits your business - a quiet time of the year when you can have the time get everything together: count up stock and summarise your unbilled work, etc.
If you have other business interests, think about making the year ends all the same. This means the deadlines are easier to remember because they will be similar but does also mean they all come at once!
You should look to prepare sole traders accounts and partnership accounts well ahead of the tax return deadline of 31st January. Companies typically have nine months from their year end to complete their accounts, but it’s always best to check on Companies House’s website what the company accounts filing deadline is.
Give yourself as much time to prepare the accounts as possible. Rushing can lead to errors and there may be receipts or bank statements you need to find. It also allows you to consider if you’ve claimed everything you’re entitled to and whether there are any tax planning opportunities available.
We can prepare your accounts from whatever bookkeeping records you have - whether they be computerised, spreadsheets, a cashbook or a bag of receipts. And we can advise you on how to strengthen your record keeping procedures, which in turn will help you run your business more effectively.
It goes without saying that your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything you are entitled to.
Whether you are a sole trader, partnership or limited company, letting us prepare your year end accounts will relieve you of what can be an extremely stressful and time-consuming exercise.
We are here to help
We offer competitive pricing with flexible appointment times and are dedicated to offering a professional, friendly service.