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Year End Accounts

Year End Accounts Service

We’ve all been there, it’s getting close to “Year end” and as usual you have put off preparing your year end accounts for HMRC.  There is always something better and more interesting to do. It’s always a hassle and time consuming.

Our team of expert accountants can help for as little as £28/month + VAT

We will take care of your Year End Accounts for you

Nobody wants to be served with a hefty fine from HMRC for not filing their accounts on time and with mistakes. 

This is one of the reasons many Small Businesses sign up to our Accounting Services subscription package

As part of our Year End Accounts service we will:

  • Do all of your bookkeeping
  • We then crunch all the necessary figures
  • Turn these figures into a full set of accounts
  • Follow with a very thorough checking (and no, there’s no such thing as being ‘too thorough’ in our eyes)
  • Produce the tax return
  • Send it over to you to check and sign off
  • Submit everything to HMRC and Companies House for you

Is “Year End” the same for all Businesses?

No, your year end will be dependent on what type of business you are.  

In the accountancy world, every business needs to prepare their complete accounts for HMRC and/or 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. This avoids confusion with HMRC!

If you run your business through a Limited Company, then Companies House will set your year end as a year after the end of the month in which you created the company.

Why do you need Year End Accounts Services?

Year End accounts are vital to make sure that you’re meeting your statutory obligations to HMRC and Companies House. You may be surprised to learn that it is a criminal offence to fail to complete your Year End accounts accurately! Failing to complete the Year End Accounts to a high standard can result in fines, penalties or even worse, having your company removed from the Register of Companies – essentially shutting  you down.

 

Why choose Mazuma for Year End Accounts Services?

At Mazuma, we don’t just work with our clients at the Year End. With our subscription service you’ll get advice and support all year round to make sure that your business is operating as slickly as possible. Year End accounts are the cherry on top of the great service you’ll receive all year – and are all included in the price so there are no nasty surprises.

Stress Free Accountancy Service

Here at Mazuma we understand the stresses involved in running a small business. Our monthly accounting services subscription can take one of those stresses off of your hands. We help start-ups, sole traders, small businesses, freelancers and Limited companies with their monthly accounts.

Our year end accounts service is just one of the many features that make up our monthly accounting services subscription.

One monthly cost, no hidden extras, exceptional customer support delivered by an expert team of qualified accountants

We will do your statutory end of year accounts as well as

  • Monthly management accounts
  • Bookkeeping
  • VAT returns
  • Monthly payroll
  • Corporation or partnership tax return
  • Self assessment tax return

Prices start from £28/month + VAT

 

Looking to Switch Accountants?

As a small business owner, freelancer or contractor, spare time is precious. Switching your accountant may not be a priority and often get pushed to the bottom of the “to-do” list.

FAQs

October 31st for paper tax returns and January 31st for online tax returns.
Yes it’s completely free and in most cases easy to complete.  However, mistakes can be made which could prove costly.   Would you cut your own hair because it’s free?  I thought not!  For only £75 a qualified accountant will complete and submit your tax return leaving you with peace of mind that your tax return has been completed properly.  It will reduce your stress levels and free up some of your time to concentrate on the important things in life.
In the accountancy world, 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. This avoids confusion with HMRC! If you run your business through a limited company, then Companies House will set your year end as a year after the end of the month in which you created the company. We’ll file all your accounts, there’s just a couple of things you’ll need to get together for us…
  • Your sales invoices or details of your sales
  • Find all the paperwork for your purchases and expenses
  • Gather your business bank statements for the year
Once you have rounded up all the necessary paperwork, and then sent it to us, we’ll take care of the hard bit. You’ll save hours of your precious time and be able to focus on running your own business.
  • Statutory accounts (either full, abbreviated or micro)
Knowing which version to file can be a challenge in itself! Statutory accounts must include:
  • a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
  • a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
  • notes about the accounts
  • a director’s report (unless you’re a ‘micro-entity’)
And if all that wasn’t enough, you also have to make sure your accounts are prepared following one of the following accounting standards:
  • International Financial Reporting Standards
  • New UK Generally Accepted Accounting Practice
Yes. HMRC require your Company Tax Return within 12 months after the end of the accounting period – (although you have to pay your corporation tax 9 months and 1 day after your company year end, so in real terms you need to get your company tax return within 9 months of the year end. See the handy table below!) Companies House require your annual accounts within 9 months of your year end. Year End Accounts What To Do Table

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