Year end differs from business to business as limited companies, partnerships and sole traders can choose their own year end. It is common for business to choose a year end to coincide with a calendar year end or a tax year end, depending on when they have a better idea of what liability may be.
Generally, year end accounts will form the basis of business owner’s Self Assessment tax return when operating as a sole trader or partnership. Year end accounts for partnerships also show the balance on each partner’s current account. For limited companies, year end accounts show director salaries and dividends paid to shareholders, which need to reflect those individuals’ self assessment tax return.
Ideally, you should prepare your tax returns well ahead of any deadlines to give yourself as much time as possible. Companies have nine months from year end to submit accounts and the deadline for this is available via Companies House.
Anthony J. Warnock can prepare your accounts from your records in line with professional accounting standards. We can recommend the best methods of bookkeeping in line with how your business operates and for ease of processing. To arrange an initial meeting at your premises or home with a free, no obligation quotation call today on 07853 384 014.