Year End Accounts

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Year End accounts are often seen as a necessary evil by business owners. They are a statutory requirement, and many people see their primary purpose in providing a starting point for a tax calculation.

We won’t argue any of that, but we would add to it!

The process of preparing year end accounts starts with the quality of the record keeping throughout the year. If it’s accurate and consistent the year end process is far simpler.

Before the year end arrives, there are key steps that can be taken to reduce profits within the business, and from there, to reduce the tax burden. Care is needed here to ensure that any future finance requirement or investment plans won’t be adversely affected.

Similarly, through careful planning in the run-up to the year end the profit figure shown in the accounts is maximised. This is particularly important if it is known in advance that the accounts are to be used as part of a finance application in the near future. This will of course affect any tax liability, so care is needed to balance the two!

As the year end accounts are prepared, and we go through our processes, we can identify ways the bookkeeping can be streamlined, or can suggest modifications to the business that can improve profits. Our review meeting to discuss the accounts will always include an update around the performance of the business since the year end, and the goals for the coming year, so the accounts under consideration often provide information that can be useful in looking forwards.

Prompt preparation and submission of your accounts can also be beneficial if a finance application is looking likely. Lenders will look at management accounts, but primarily at year end figures, so if your position has improved dramatically, it’s a good idea to get the stronger accounts submitted as quickly as possible so that improvement can be seen. This will usually improve the credit rating for the business.

This isn’t an exhaustive list, but hopefully indicates that year end accounts can be more valuable than you may have first thought!

If you’d like to know more about the year end accounts service we offer please take a look at our associated services page or get in touch, otherwise we hope the articles in this section will give you some more detail around the filing requirements and announcements you need to be aware of.

Image of a business man with computer and paperwork as image for Blog post 'What action is required at a Company Year End?'

What action is required at a Company Year End?

A company year end is a significant point in the annual cycle. There are key considerations as it approaches, to make sure opportunities for tax savings or maximising profits aren’t lost, but what about the actual company year end process? What should be done in your software, and what do you need to give your Accountant so they can prepare your Accounts?

Will your Year End need to change?

As part of the recent Budget announcements, it was confirmed that all self-employed individuals and partners will switch from current year basis to tax year basis from 6th April 2024.

Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!

Limited Company

Corporation Tax

Cash Flow & Forecasts

Each of our clients receives regular updates that keep them aware of changes and suggestions; if you’d like to receive those too, just click on the button below, add your details and we’ll do the rest!

Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.

Mrs S James, Sandbanks Capital Partners Limited

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