Year-end accounts give you a clear picture of how a limited company has performed and form the basis for important filing and tax decisions. Starting the process early can prevent last-minute gaps and give you more time to act on the numbers.
Reconcile the records
Make sure bank accounts, sales, purchases, payroll and director transactions are fully recorded. Investigate unexplained balances and gather invoices, receipts and statements that support the figures.
Review key areas before the year end
Check stock, unpaid invoices, supplier bills, loans, assets and expenses. Directors should also review any money taken from or paid into the company, as this may need specific treatment in the accounts and tax return.
Prepare for filing deadlines
Your accounts, corporation tax return and confirmation statement have different deadlines. A simple timetable helps you avoid penalties and ensures you have time to ask questions before anything is submitted.
AA&R can prepare your year-end accounts and explain what the numbers mean for tax, dividends and the next stage of your business.