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Read moreAnnual accounts or year-end accounts are a summary of financial statements or records of a set of periods like the annual year that includes required information regarding financial transactions, income and expenses, performance and financial status.
To prepare an annual account for a company, you must keep handy these information:
An accounting year is an accounting period of a company's yearly financial reporting period. A company needs to prepare several reports related to tax and income or expenses based on their accounting year.
A "fiscal year-end" means the completion of any one-year or 12-month accounting period which is not a typical calendar year (1st Jan to 31st Dec). Companies use this fiscal year-end for annual financial statement calculations and fix their fiscal year-end initially when forming a new company.
The Companies House decides the year-end for a limited company at the time of company formation. The year-end date will fall on the day before that date (in which the company was formed) in the following calendar year. The limited company end of year accounts will work according to the start date.
Yes, you can do your end-of-year accounts whether you are working as a director of a limited company or self-employed. However, you must have strong knowledge of accounts or bookkeeping otherwise it can be difficult, and mistakes can happen that can cost you heavily. Hiring an expert to file end-of-year accounts can save you from tax penalties. The year-end accounts cost will not go beyond paying these penalties.
The year-end accountants will work on your year-end closing. A year-end accounts checklist that a year-end accountant needs to prepare is:
An accountant will also help you to complete all the related tasks of year-end closing before the year-end accounts deadline.
Limited time only!
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