Year end accounts are a crucial part of any business. They give insight into the company’s financial performance over the past year. Our end of year accounts services can help bring you closer to the inner workings of your business, helping to increase profits and maintain trajectory.
For owner-managed limited companies, end of year accounts can be a little more complex to manage. This is because you need to tally up things like the directors’ salaries, dividends paid to shareholders, and expenses in order to accurately file a self-assessment tax return. As you’ll need to go through the entire year’s transactions, the time and effort required for this undertaking can quickly get out of hand and take focus away from more important aspects of the business. This is where we come in! LM Accountants can ensure your end of year accounts are in order, providing peace of mind and saving you time.
Your year end accounts offer great insight into the performance of your business. You can check profit margins and labour costs to ensure pricing is correct ahead of the next trading year, investigate any out of place or abnormal transactions, and use the data as a frame of reference to make better decisions in the future. Because this information can be so valuable, it’s crucial to ensure the numbers are accurate in order to provide a true representation of the business’s performance.
Additionally, if you’re self-employed and attempting to raise funds or take out a business loan/mortgage, banks much prefer to see a detailed set of accounts.
Owners of limited companies, partnerships or sole traders are free to select a year end at their own discretion. While this offers greater customizability and can be an excellent tool if your business is centred around a specific period, selecting the optimal date can be a difficult process. Typically, most business owners elect to have their end of year aligned with the end of either the calendar (31st March) or tax year (5th April) as this ensures that your tax liabilities are based on the business’s most current figures.
However, it’s better to select a time that works for your business instead of simply going with the masses. As such, it’s important to consider factors like how busy you expect to be as you’ll need ample time to gather receipts and bank statements to accurately decipher the numbers.
Regardless of the date you select, it’s important to give yourself the most time possible to get your accounts in order to ensure you don’t end up paying excess tax or get subjected to fines.
Preparing your end of year accounts can be a daunting task. Luckily, however, the team here at LM Accountants are here to help! Just give us a call on 0800 861 1497, fill in our online enquiry form, or pop into our offices in Kirkwall for a face-to-face chat.
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