The small business owner is often caught unaware by the year-end accounts, with two separate deadlines and a mountain of paperwork to complete correctly.
Reconciling Your Records First
However, at the start of the process your accountant will attempt to reconcile your accounts i.e. your bank statements, invoices, and your bookkeeping up to date, prior to submitting them.
Preparing Statutory Accounts Correctly
The financial statements of a limited company are filed in specific formats with Companies House by an accountant who checks they contain all relevant information.
Calculating Your Tax Liability
From the final accounts an accountant calculates the correct Corporation tax or self-assessment amount due to HMRC, applying the correct tax rate and reliefs to the figures.
Claiming Allowances You Might Miss
Many businesses miss out on capital allowances for equipment or certain expenses that can be claimed against.
Managing the Submission Timeline
As mentioned above, there are 2 different filing dates and related penalties. For Accountants Ashford, visit https://bhukgroup.com/accountancy-services/ashford/.
Getting the year-end accounts process right from the off will ensure that a potentially stressful process is in fact fine.
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