Year End Accounts do not always correlate with the calendar or fiscal year but are according to when the company was incorporated. For example, a company that began on 23rd October would have a year-end of 31st October the following year, and their financial year will run from the 1st of November. This means that, whilst your business may have been founded earlier than April, it is still bound by the April tax year rules for limited companies. And the deadline for this year is looming.
The Stress of Year End Accounts for Startups and Small Businesses
Year-end accounts for startups and small businesses can be an incredibly stressful time for Ltd. Company directors. Regardless of the industry and type of company you direct, our goal is to balance and submit your books, curate accurate data and help you project for future revenue increases. Some businesses choose to move their year-end to a quiet time of the year so they can focus on the pressing concerns of the day-to-day running of their business. For example, retail businesses and e-commerce may find that an April-May year-end is preferred with December and January being exceptionally busy with sales.
The Importance of Preparing for Year End Accounts
Preparing for your year-end can be time-consuming, but it’s essential to organise your accounts so that your company’s profit figures are accurate, and you pay the most efficient amount of Corporation Tax. If you’re unsure which expenses to include, contact us at Stones Accountancy, in Maidstone, and we can clarify for you which are ‘wholly and exclusively’ for your business, and which might risk being confused with personal expenses.
Following up on unpaid invoices before your year-end should also be a priority – as a failure to do so can create a skewed figure. We can recommend some QuickBooks accounting software which can help you keep track of your invoices, whilst also speeding up the process of filing your accounts at the year-end.
Contact Us for Year End Accounts Assistance
If you’re concerned about the impending year-end, or if you’d like to be more prepared when your year-end comes around, contact us today. We’re looking to help a variety of small businesses, and we’d love to hear from you. We’re your accountants in Maidstone.
