What is Year End?
This depends on your business structure, as outlined below:
Limited Companies
‘Year End’ is accountancy terminology for the date your company’s financial period ends. The Year End process can be an onerous task and requires significant time and accounting expertise to ensure its correct and tax efficiencies maximised.
As a business owner there are many benefits of outsourcing this function to Fairmile.
Information to be filed with Companies House:
If your company is small with a turnover of less than £6.5 million, you can file abbreviated accounts at Companies House. These will only include a balance sheet and notes. However, you must prepare full statutory accounts for shareholders and HMRC.
Dormant companies are required to prepare dormant company accounts (balance sheet and notes) for Companies House. There is no need to file accounts with HMRC unless a company becomes dormant after a period of activity.
What happens if I miss the deadlines?
HMRC and Companies House have penalty regimes for missed deadlines. These penalties increase with time, so if you’re continually late, it becomes a very stressful and costly process.
Please see the links below for further information re associated penalties:
https://www.gov.uk/company-tax-returns/penalties-for-late-filing
Confirmation Statement
As a director of a limited company, you need to confirm your company information with Companies House once a year. Failure to file a Confirmation Statement can result in directors being fined personally in criminal courts, and companies being struck off the register.
A Confirmation Statement needs to be filed at once a year, and within 14 days of its due date. The due date is normally a year after your incorporation or the date you last completed a Confirmation Statement. You must submit a Confirmation Statement even if the company is dormant.
Sole Traders and Partnerships
For sole traders and partnerships, year end accounts will form the basis of the business owners’ self assessment tax return.
For a partnership, the year end accounts will also state the balance on each partner’s current account. You should look to prepare sole traders accounts and partnership accounts well ahead of the tax return deadline of 31st January.
How Fairmile Can Help
The Year End accounting process is far from straightforward – A significant amount of work and accounting expertise is required to ensure its prepared accurately, on time and tax efficiencies are maximised.
When you sign up to the Fairmile monthly service, your Year End process will be expertly and seamlessly managed as part of your ongoing fixed monthly fee. We’ll not only prepare your accounts, we’ll also review how your business is performing and offer invaluable feedback and advice.
You can also choose to use Fairmile to complete your Year End Accounts as a one off project for a fixed competitive fee – On receipt of your records, we’ll swiftly complete the accounts well ahead of the filing deadline.
Whether you are a sole trader , partnership or limited company , letting Fairmile prepare your year end accounts will relieve you of what can be an extremely stressful and time-consuming exercise, allowing you to focus on what you’re good at – running your business.
We’re Ready to Help
Contact
Boston House, Grove Technology Park,
Wantage, Oxfordshire. OX129FF
Our mission is to put personality into accountancy making financial management less complex and more affordable – We are not typical high street accountants.