Year End Accounts & Corporation Tax

The company year end is the date of your company accounting period ends. For small businesses and online sellers one of the difficult jobs is to prepare the year end accounts and corporation tax return. The process of incorporating your new company in the UK is straightforward. Every year, you must do some legal obligation to keep your company active in the public register. You must complete your company annual accounts with companies house within 9 months after the company financial year end. The corporation tax needs to be submitted to HMRC at the same time.

If you choose to do your own year-end accounts, it is a big risk, and you could overpay tax or miss out on to claim the available allowances. You can be fined for missing the deadline and filing your accounts with mistakes. We are more than happy to prepare your company year end accounts and corporation tax return. We will be doing the online submission with HMRC and companies house on your behalf.

Our Services are designed to cover all types of businesses.

  • Limited company accounts
  • Sole Trader Accounts
  • Partnership/LLP accounts
  • Dormant Accounts
  • Rental Property Accounts
  • Corporation Tax Return

We are happy to gather the correct documents and prepare your year end accounts and corporation tax return. We will help you to determine the ideal way of moving forward. We are here to provide you with hand-holding support.

Please contact our team to get a reliable and affordable service. We aim to bring your business to the next level. We aim to contribute to your business growth.

In accounting, there are many adjustments to be made at the end of the year at the closing of the accounts. These Year-end adjustments include depreciation and amortization entries, inventory postings, provision entries, accruals, prepaid expenses, receivables, and proceeds. They are recorded in advance.

Year-end adjustments in accounting: amortization

Depreciation corresponds to recognizing the loss of value of a fixed asset over time due to its use and seniority. At each accounting closure, depreciation entries must, therefore, be calculated and recorded in the accounts. The calculation is done through a depreciation table.

Year-End Adjustments in Accounting: Inventories

At the end of the year, the company must determine its final stock and its change in stock. The variation is the difference between its final stock and its initial stock. An annual physical inventory is, therefore, often made during this period. The counted stocks are then valued according to the chosen method (CUMP, LIFO or FIFO).

Year-End Adjustments in Accounting: Provisions and Depreciation

Provisions and impairments are a means of recognizing the impairment of an asset. However, this loss can only be estimated both in terms of amount and date.

It is, for example, the setting in receivership of a client company that will generate writing of allowance for doubtful debts. The company does not know if it will be paid, by how much and when.

At each closing, an inventory is made to find out if the company must take back some or all of the provisions and depreciation.

Tax aspects

Before closing the accounts, you have to perform a series of transactions that have tax implications. It is necessary to adjust the goods account, to record the depreciation, the Assets and the accruals, to make the VAT declarations, to establish how and on which accounts the profit must be distributed and to carry out many other operations.

From the program’s point of view, it is equal if the profit at the end of the year is higher or lower. On the other hand, it changes a lot in terms of taxation. These aspects should be checked with your tax adviser and or accountant. In particular, it can be very useful to have an expert advise you to understand the requirements when you manage to account for the first time. Accountants are busy at the beginning of the year and in the period before the tax return deadline. It may be useful to meet with your accountant or send your book a few months before closing so that you can learn about the procedure.

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