Year-end Accounts

year-end accounting services
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    End-of-year accounting is a source of anxiety for many business owners, but it doesn’t have to be! Our year-end accounting services are designed to remove the hassle and save you money.

    Welcome to Archimedia Accounts, year-end accounts service

    Limited Companies have a lot of compliance duties to HMRC and Companies House each year. As a time-strapped director, year-end reporting can seriously distract you from your business.

    You could look to hire an in-house accountant, but with Archimedia’s year-end accounting services, you’ll benefit from a much greater level of expertise and enjoy considerably more value for money.

    Archimedia is a business growth accountant run by experienced entrepreneurs. We can take care of all of your financial and accounting obligations so that you can focus on your day-to-day operations. Not only that, we will work hard to find valuable tax savings on your behalf to boost your company profits and personal wealth.

    Contact us today to arrange a consultation.

    What is year-end accounting?

    Every limited company is legally required to submit year-end accounts to HMRC and Companies House. It is the process of preparing and finalising financial statements to show the company’s financial position and performance.

    Year-end accounting includes tasks such as reconciling accounts, adjusting entries, calculating and reporting income and expenses, and preparing financial statements like the balance sheet, income statement, and cash flow statement.

    Not only does this crucial process allow companies to fulfil their tax obligations, but it also helps them to assess their financial health, make informed decisions, and provide transparent information to stakeholders. As a director, it can also help with the preparation of your self-assessment tax return.

    At Archimedia Accounts, we specialise in year-end accounting services, ensuring your financial statements are accurate, compliant, and prepared with the utmost attention to detail. We can also help you to prepare for your personal Income Tax return. Please contact us to discuss your requirements.

    Our year-end accounting services

    At Archimedia Accounts, we use clear and transparent systems to gather information and perform your annual accounts compliance activities. Our efficient process ensures nothing falls through the cracks. You can rest easy knowing that we will submit your year-end accounts accurately and on time.

    Our year-end accounts services at a glance:

    1. Bookkeeping: Successful year-end accounting starts with disciplined bookkeeping. As your dedicated accountants, we will use the latest bookkeeping software to ensure your data is of the highest quality all year round.
    2. Data gathering: In preparation for year-end, we will gather any missing data such as sales/purchase invoices, business bank statements, VAT and PAYE information.
    3. Compare transactions: We will scrutinise your business bank statement and balance sheet in order to find any discrepancies.
    4. Reconciled balance: Once all discrepancies have been resolved and adjustments made, we arrive at a reconciled balance that matches the bank statement. This provides an accurate representation of the company’s cash position.
    5. Submission: Once prepared according to accounting standards, we will then submit year-end accounts to HMRC and companies house.
    6. Corporation Tax return – The final stage is to put together your Corporation Tax return and submit it to HMRC.

    Tax saving opportunities

    It’s a given that when you work with Archimedia, we will protect you and your business from any non-compliance penalties. But we will go one step further and look to save you money.

    In our experience, clients can save £1000s per year – it all comes down to regular and insightful tax planning. As a client of Archimeida, you will benefit from tax planning meetings throughout the year to highlight any valuable tax savings and prepare you for the end-of-year bill.

    We spend the time to really understand both your personal and business situation to highlight valuable savings, both now and in the future.

    Why Choose Us for Year-End Accounting Services?

    There are a number of great reasons to choose the Archimedia team for your year-end accounts:

    Tax planning experts: We live and breathe tax and are relentless in pursuing savings! Take our free 30-min Tax Review to discover how much you could save each year.

    Business advisory experts: As well as accountants, we are experienced and accomplished business people. With our business advisory services, we can help your business to thrive, and we’re here to act as a valuable sounding board for your ideas.

    Proactive and responsive: We are a family business, and as a client, we welcome you as a new member! We will always get back to you when we say we will and reach out when we come across any opportunities to save. Our clients tell us that working with us is refreshing!

    Cost: Our pricing plans are transparent – we will never try to sell you extras or try to blind you with jargon!

    Get in touch with Archimedia Accounts today

    As our client, you will benefit from regular 1:1 time with our owner and head of tax, Barbara. As well as 30 years of tax planning experience, Barbara is a highly experienced business person with a lucrative property portfolio. Barbara will share the benefit of her expertise and become your partner on your journey to achieving financial freedom!

    Call us today or pop into our Nottingham office to introduce yourself – we’d love to meet you!

    FAQs

    What are year-end accruals?

    Year-end accruals are an accounting treatment used during the year-end accounts process to account for sales and expenses that have been completed but not yet invoiced. This is reflected by increasing sales in the annual accounts and showing a debtor in the statutory accounts, as the customer will eventually pay this amount.

    How often can you change your accounting year-end?

    You can change your accounting year-end, but there are rules to follow. If you want to change it, you can either make the period shorter or longer. If you make it shorter, you can change it as many times as you want. But if you make it longer, you can only change it every 5 years.

    How long do you have to keep year-end accounts?

    You need to keep your limited company accounting records for at least 6 years from the end of your accounting period. Some records need to be held for longer, such as board meeting minutes and statutory books. Sole traders and partnerships only need to keep the records for 5 years after 31st January.

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