Company Year-End Accounts: Simplifying Compliance and Tax Planning
At Price & Accountants, we specialise in managing Year-end accounts, ensuring Compliance, and strategising Tax planning for limited companies incorporated in England & Wales. Preparing annual statutory accounts and corporation tax returns is crucial for regulatory adherence, and our services are designed to optimise your Company financial reporting and Financial compliance and tax strategy.
Why are Year-End Accounts Important?
Year-end accounts serve multiple purposes and are a legal requirement by the UK Government. Companies House and HM Revenue & Customs rely on these reports for regulatory compliance and tax assessment. Additionally, stakeholders such as key suppliers, clients, and banks often request year-end accounts to evaluate your company’s financial health.
How We Help Manage Your Year-End Accounts
Full Statutory Accounts:We prepare comprehensive statutory accounts that comply with the relevant accounting standards, providing a true and fair view of your company’s financial position.
Abridged Accounts:When applicable, we assist in preparing abridged accounts, allowing certain financial information to be withheld from public disclosure, and providing more privacy for your company.
Corporation Tax (CT) Return (CT600):Our experts handle the preparation and submission of your corporation tax return (CT600), ensuring all necessary calculations, including capital allowance and s455 schedule, are accurately included.
Corporation Tax Calculation:We calculate your corporation tax liability, considering various factors such as income, expenses, and allowances. This comprehensive calculation helps in effective tax planning and optimization.
Submission to Companies House and HM Revenue & Customs:We take care of the entire submission process, ensuring your year-end accounts and corporation tax returns are filed correctly and on time with both Companies House and HM Revenue & Customs.
Why Choose Price & Accountants for Your Year-End Accounts?
With over 30 years of combined experience in the accounting industry, our team has the knowledge and expertise to handle your year-end accounts precisely and efficiently.
Our accountants are qualified members of professional bodies such as AAT (Association of Accounting Technicians) and ACCA (Association of Chartered Certified Accountants), ensuring the highest standards of professionalism and expertise.
We utilise industry-leading software, including IRIS accounts preparation and business tax, to prepare your accounts and compliance reports. This ensures accuracy and eliminates errors, making seamless electronic submissions to government authorities.
Collaboration with Tax Advisors:
We collaborate with Markel Tax as our trusted tax advisor to address any complex tax matters. Their expertise provides valuable second opinions, ensuring a true and fair view of your company’s financial position.
All our clients are protected by an insurance policy that covers any additional costs incurred during HM Revenue & Customs enquiries. This protection provides peace of mind and ensures comprehensive support in case of an investigation.
Electronic Signature System:
To save you time and streamline the process, we utilize an electronic signature system for document signing, eliminating the need for physical paperwork and simplifying the approval process.
Internal Accounting System Alignment:
We post necessary adjustments to your company’s internal accounting system, ensuring consistency between your statutory accounts and your internal financial records.
Finally, we take care of submitting the final reports to both Companies House and HM Revenue & Customs, alleviating the administrative burden and allowing you to focus on your core business operations.
Ensure Compliance and Optimise Your Tax Planning
At Price & Accountants, we offer comprehensive accounting services to limited companies, helping them meet regulatory requirements and optimize their tax planning strategies. From preparing year-end accounts to handling corporation
Frequently Asked Questions
- What is a company tax return, and why is it important?
A company tax return is a document filed with HM Revenue & Customs that reports a company’s income, expenses, and other relevant financial information to assess its tax liability. It is essential for ensuring compliance with tax regulations and fulfilling your tax obligations as a company.
- How often do I need to file a company tax return?
A company tax return needs to be filed annually, covering your company’s accounting period. The accounting period is typically 12 months long, although it can be shorter or longer in certain circumstances.
- What are accounting periods, and how do they impact my company tax returns?
Accounting periods are specific timeframes used for financial reporting purposes. Your company tax returns should align with your accounting periods, as they provide the basis for reporting your company’s financial activity and determining your tax liability.
- What are the penalties for late filing of company tax returns?
Penalties for late filing of company tax returns vary depending on the length of the delay and the size of your company. Late filing penalties can range from fixed to daily penalties, with the total amount increasing the longer the filing is delayed.
- Can I prepare my company tax return or seek professional assistance?
While preparing your company tax return is possible, it can be a complex and time-consuming process, especially if you’re unfamiliar with tax regulations. Seeking professional assistance from qualified accountants, such as Price & Accountants, can help ensure accuracy and compliance and maximise potential tax savings.
- What is the difference between corporation tax and income tax?
Corporations tax is a tax paid by limited companies on their profits, while income tax is paid by individuals on their personal income. Limited companies are subject to corporation tax, whereas sole traders and partnerships pay income tax on their business profits.
- Can Price & Accountants help with other accounting services besides year-end accounts and company tax returns?
Yes, at Price & Accountants, we offer a wide range of accounting services tailored to the needs of small businesses and limited companies. Our services include bookkeeping, tax planning, Xero training, preparation of director’s reports, and more. We can provide comprehensive support throughout the year to help you manage your financial affairs effectively.
- What is the role of Companies House in relation to my company’s year-end accounts?
Companies House is the UK government agency responsible for maintaining the official register of companies and relevant documentation. You are required to submit your year-end accounts to Companies House for public record, ensuring transparency and compliance with legal requirements.
- Can Price & Accountants assist with tax planning strategies to minimise my company’s tax liability?
Absolutely. At Price & Accountants, we have extensive experience in tax planning for small businesses and limited companies. Our experts can help you identify legitimate tax-saving opportunities, maximise available allowances and reliefs, and develop a tax strategy that aligns with your business goals.
- What are the benefits of using Xero accountants for my company’s accounting needs?
Xero is a popular cloud-based accounting software that offers various features and benefits, including real-time financial information, easy collaboration, and simplified bookkeeping processes. As Xero accountants, we have expertise in utilizing this platform effectively, streamlining your accounting processes, and providing accurate and up-to-date financial data.
- Do I need to provide the director’s reports and my year-end accounts?
For most small companies, director’s reports are not required to be submitted with the year-end accounts. However, larger companies may be required to prepare and submit director’s reports containing additional information about the company’s activities, performance, and future prospects.
- Can Price & Accountants assist with compliance and reporting to Companies House?
Yes, we can assist you with all aspects of compliance and reporting to Companies House. From preparing and submitting annual returns to notifying any changes in your company’s structure or key personnel, we ensure that you meet your legal obligations and maintain good standing with Companies House.
At Price & Accountants, we are dedicated to providing comprehensive accounting services and expert advice to support your business’s financial success. Contact us today to discuss your specific requirements and find out how we can assist you.