Year-End Accounts Overview

• Sole Traders and Partnerships: Year-end accounts form the basis of Self-Assessment tax returns, showing each partner's balance.
• Owner-Managed Limited Companies: Accounts include directors' salaries and shareholder dividends, aligning with Self-Assessment tax returns.

Benefits of Year-End Accounts

Year-end accounts are crucial for:

• Assessing project profitability and performance year-over-year.
• Analysing expense trends for better decision-making.
• Identifying and addressing financial discrepancies.
• Strengthening your business's financial health.

For self-employed construction professionals, year-end accounts are essential when seeking finance or mortgages.

Choosing a Year-End

• Flexibility: Choose a year-end date that suits your business cycle.
• Common Choices: Align with the tax year (e.g., 31st March) to simplify tax calculations.
• Business Convenience: Select a quiet period for stock counts and finalizing work.
• Consistency: Align year-ends across multiple business interests.

Preparation and Deadlines

• Sole Traders and Partnerships: Prepare accounts before the 31st of January tax return deadline.
• Limited Companies: Typically have nine months post-yearend to complete accounts.

Tips for Accurate Accounts

• Allow ample time for preparation to avoid errors and gather all necessary documents.
• Maximize claims and tax planning opportunities with our guidance.

Bookkeeping Services

We manage your accounts from any bookkeeping records, offering advice to improve your financial management. Your accounts will be prepared according to accounting standards, ensuring all eligible claims are made.