5 tasks to inspect before financial year-end
Your firm’s financial statements – profit and loss, balance sheet, and notes to the account – should be included in your year-end accounts (also known as company accounts, financial accounts, and annual returns). Book an appointmentPreparation of Year-End Accounts1. Salary/Income:
When the end of the fiscal year approaches, it’s a good idea to double-check your pay. If your personal circumstances have changed, such as if you have married, your tax credits will be affected. Make sure you’re taking advantage of all of the tax credits and reliefs available to you in order to reduce your tax liability.
2. Expenditure:
Businesses can reduce their tax liability by deducting the cost of their expenditures. To be considered as permissible tax-deductible business expenses, the expenses must be incurred solely for the purpose of the business.
It’s critical to keep meticulous records of all receipts and bank statements so that you can clearly demonstrate your transactions.
3. Pension/annuity:
It’s also a good opportunity to see if your employer should make a pension contribution on your behalf. If your accounting month ends on December 31, any pension contributions you want to make must be made before that date in order to be deducted from your accounts.
4. VAT(Value Added Tax):
If you’re VAT-registered, double-check that your VAT claims are valid and that you’ve been charging the proper amount of VAT.
If you are not VAT registered, now is a good opportunity to review your previous 12 months’ turnover and inform your accountant of your business activities.
5. Stock and ongoing projects
Take a count of any tangible stock, items, or loose pieces you have on hand.
These are crucial to remember for your business’s financial sheet. If you’re unsure what to include, don’t stress.
Our Chartered Accountants will assist you in determining what information they will require to complete your company’s accounts.
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