Business Accounts

For sole traders and partnerships, year-end accounts serve as the foundation for the business owners' self-assessment tax return. In partnerships, these accounts also detail each partner's current account balance. Owner-managed limited companies' accounts encompass directors' salaries and shareholder dividends, aligning with their self-assessment tax return.

Year-end accounts offer invaluable business insights, revealing the appropriateness of sales price margins and comparing current performance to the previous year. They lay bare sales and expense movements, aiding informed decision-making and highlighting anomalies for investigation. Possessing year-end accounts fosters a deeper connection with your business, propelling success.

Choosing a year end is flexible; many opt for the tax year for current tax liability alignment. This choice simplifies overlap relief calculations for sole traders or partners. Alternatively, align the year end with your business's quieter period for efficient preparation.

Prepare sole trader and partnership accounts well in advance of the 31st of January tax return deadline. Companies typically have nine months from their year end for account completion but check Companies House for specific deadlines. Prioritize ample time for account preparation, minimizing errors and exploring tax planning opportunities.

Bookkeeping services at Anne Wayne Accounting accommodate various record-keeping methods, ensuring compliance with accounting standards. We advise on strengthening procedures to enhance business efficiency. Whether a sole trader, partnership, or limited company, entrust us with year-end accounts to alleviate the stress of this time-consuming task.

Our dedicated accountants offer competitive pricing, flexible appointments, and a professional, friendly service to support your financial needs.