We help with year end accounts

Annual accounts and tax returns for private limited companies are a summary of financial statements or records of a set of periods like the annual year that includes required information regarding financial transactions, income and expenses, performance and financial status.

To prepare annual accounts for a private limited company, you must keep handy these information:

• a balance sheet
• a profit and loss account
• notes about the accounts that include any financial statement
• a director’s report
• an auditor’s report (unless the company is exempt from audit)

An accounting year is an accounting period of a company's yearly financial reporting period. A company needs to prepare several reports related to tax and income or expenses based on their accounting year.

A "fiscal year-end" means the completion of any one-year or 12-month accounting period which is not a typical calendar year (1st Jan to 31st Dec). Companies use this fiscal year-end for annual financial statement calculations and fix their fiscal year-end initially when forming a new company.

Yes, you can do your end-of-year accounts whether you are working as a director of a limited company or self-employed. However, you must have strong knowledge of accounts or bookkeeping otherwise it can be difficult, and mistakes can happen that can cost you heavily. Hiring an expert to file end-of-year accounts can save you from tax penalties. The year-end accounts cost will not go beyond paying these penalties.

The year-end accountants will work on your year-end closing. A year-end accounting checklist that a year-end accountant needs to prepare is:

• Prepare a closing schedule
• Gather outstanding invoices & receipts
• Review asset accounts
• Reconcile all transactions
• Close out accounts receivable and payable
• Accrue accounts receivable
• Accrue accounts payable
• Adjust grants and entitlements

An accountant will also help you to complete all the related tasks of year-end closing before the year-end accounts deadline.