How To Take The Woe Out Of Your Year End Accounts

Guest Blog by John T Hughes

For many business owners, year end accounting requirements can be extremely time consuming and often confusing. Being a successful businessperson does not automatically mean that you are a tax and accounting expert.

Unfortunately this does not make your year end accounts any less important. At the end of each financial year, companies registered with Companies House are legally required to submit their year end accounts. These address your profits and losses for the year and show you how much that your company is worth. In addition to this, your year end report will form the basis of your tax returns.

Because of its importance, it is key that the accounts are prepared accurately, in the correct format and delivered to the Companies House on time. Heavy penalties can be incurred for year end accounts which fail to meet the Companies House’s deadlines or requirements.

Avoid the last minute rush

A problem that many companies face is that they do not leave themselves sufficient enough time to think about their year end returns. Especially in the instance that you are unfamiliar with the process, it is important to give yourself plenty of time to get your accounts completed and submitted. Private limited companies could be fined in excess of £1,000 if the Companies House do not receive their accounts on time.

Keep organised

It is important to keep accurate records of your accounts throughout the year. Your finances form the backbone of your business therefore it is good practice to keep abreast with them and ensure that they are in immaculate order. This will help you to remain in control when it comes to the year end accounts.

Seek expert assistance

Good business knowledge and good accounting skills do not necessarily go hand in. Many accountants study for years in order to understand the fundamentals of the trade.

If you are struggling to get your head around your company’s accounts, a professional accountant could help to take the stress away. They could also help you to find the best accounting software packages for your inhouse needs.

John T Hughes writes for Juniper Accountancy, a professional Bristol Accountancy firm. As chartered Bristol Accountants we can provide your business with a complete end to end service to take care of all your accounting and tax needs.

Article Source: How To Take The Woe Out Of Your Year End Accounts