Year End Accounts

Year End Accounts

Does anyone really want to have to deal with monstrous end of year taxes?

Nope! So here at Mazuma, we make the process simple, and take you step-by-step through the usual procedure of sorting out your year end accounts. We can do this using our award-winning monthly service, or one of our one-off annual packages.

What is the ‘year end’?

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 focus on running your own business.

What we do for you

Choosing to do your own year end accounts can be a costly choice. You could receive a fine for not filing on time or filing with mistakes, or even end up overpaying tax and missing out on benefits.

We’re more than happy to help you gather the correct documents and prepare all your year end accounts, ready for submission to HMRC and Companies House.

Our goal is to make the process simple and easy for you.

  1. Our accounting pros do the bookkeeping to ensure its raring and ready to go
  2. We then crunch all the necessary figures
  3. Turn these figures into a full set of accounts
  4. Follow with a very thorough checking (and no, there’s no such thing as being ‘too thorough’ in our eyes)
  5. Produce the tax return
  6. Send it over to you to check and sign off
  7. Submit everything to HMRC and Companies House for you

Oh, and we help make sure you dodge any of those pesky penalties.

Taxes can be daunting to think about. So, we make the process easy.

Got a question? Here are some FAQs which may help.

What needs to be filed with HMRC?

  • Company tax return (CT600)
  • Statutory accounts (your annual accounts)
  • Personal tax return (SA100)

To do this you need to prepare your full annual accounts which will show your profit or loss for the period as well as a balance sheet that shows the net value of your business at the end of the year. You’ll also need to prepare a computation of your taxable profit – which may be an entirely different figure to the profit shown in your accounts! (we know, confusing isn’t it?!) Then you need to prepare all the forms that go along with those and submit them to HMRC online.

 

What needs to be filed with Companies House?

  • 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

 

Is there a deadline?

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

Is there a penalty for missing the deadline?

Unfortunately, again, yes.

If you don’t file your accounts with HMRC or Companies House, you will be penalised. These late-submission penalties start at £100 and keep increasing the longer you leave them, so you don’t wait to get caught!

We do our best to help you meet the deadlines, so there’s no need to stress.

 

Why choose Mazuma?

We are the pioneers of hassle-free accounting who actually care about helping you out.

Our goal is to take as much of the stress of dealing with your end of year accounts away.

You can feel reassured and focus on what you’re really good at, like running your business successfully.

Are you interested?

Get a quote for our monthly services or as a one-off package.

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