Year-End Accounts Preparation and Submission
Your year-end accounts should be accurate, compliant and understandable.
At 6 Wands, we prepare annual accounts for limited companies, sole traders and partnerships, taking care to get the underlying figures right and explain what they mean in plain English.
For limited companies, we can prepare statutory accounts and support the associated Corporation Tax work and Companies House filing requirements. We'll explain the results for the year, highlight important movements and make sure you understand your financial position before your accounts are finalised.
What Are Year-End Accounts?
Year-end accounts, sometimes called annual accounts or statutory accounts, summarise your business's financial activities over a financial year.
Depending on your business structure, they may include:
Profit and loss account
Balance sheet
Notes to the accounts
Directors' report, where required
Supporting financial disclosures
These accounts show how your business has performed and are required for:
Companies House filing
Corporation Tax returns
Business lending applications
Mortgage applications
Investor reporting
Business planning
Who Needs Year-End Accounts?
Limited Companies
Most limited companies must prepare statutory accounts each year and submit them to Companies House. Accurate accounts are also essential when preparing the company's Corporation Tax return for HMRC.
Sole Traders
Sole traders do not submit accounts to Companies House but it is important to have accurate information at the end of the year to ensure that business profits are calculated correctly and to complete Self Assessment tax returns accurately.
Partnerships
Partnerships need reliable year-end financial records to support the partnership tax return and each partner's individual tax obligations.
Our Year-End Accounts Service
We take the stress out of the year-end process by handling everything from reviewing your bookkeeping records to preparing your final accounts and making the relevant submission where this is included in your service.
- Reviewing your bookkeeping records
- Reconciling bank accounts and balances
- Identifying missing or unclear transactions
- Posting adjustments and year-end corrections
- Preparing the profit and loss account
- Preparing the balance sheet
- Producing statutory accounts where required
- Explaining your business performance in plain English
- Supporting Corporation Tax calculations and returns
- Filing accounts with Companies House where applicable
- Helping you meet the relevant accounting and filing requirements
Our goal is to make sure your accounts are prepared accurately, completed on time and explained clearly, so you know where your business stands.
What Information Will We Need?
The information required varies depending on your business structure, accounting records and the services you use. We will give you a clear checklist, which may include:
- Bank statements
- Sales records
- Purchase invoices
- Expense records
- Payroll information
- Loan and finance agreements
- Details of assets purchased or sold
- Previous year accounts
- Information about money introduced to or taken from the business
If your bookkeeping is incomplete, do not worry. We can help organise your records, identify missing information and explain what is needed before the accounts are prepared.
Why Accurate Year-End Accounts Matter
Well-prepared accounts do more than meet a deadline. They give you reliable information that can help you run your business with confidence.
Understand your results
See how your business performed over the financial year, understand the movements in your income, costs, assets and liabilities, and compare the results with previous periods where appropriate. A clear view of your profitability helps you make informed decisions for the year ahead.
Prepare to meet filing requirements
Minimise last minute pressure, avoidable errors and penalties for late filing.
Help with tax planning
Identify possible tax implications and suggest tax options before tax deadlines.
Maintain finances
Keep current financial records, which lenders or mortgage providers might ask for.
Make better decisions
Make well informed investment, pricing, recruitment and future growth decisions with reliable figures.
Year-End Accounts and Corporation Tax
For limited companies, the year-end accounts provide the starting point for calculating Corporation Tax.
Correct calculations
Business profit is adjusted for tax purposes so taxable profit can be calculated correctly.
Allowable costs
Relevant business expenses and available reliefs can be considered based on your circumstances.
Limited Companies
Most limited companies must prepare statutory accounts each year and submit them to Companies House. Accurate accounts are also essential when preparing the company's Corporation Tax return for HMRC.
Joined-up deadlines
Accounts, tax returns and payment dates can be managed as part of a connected year-end process.
Clear explanations
We explain the figures and next steps without unnecessary accounting jargon.
Why Choose 6 Wands?
At 6 Wands, we understand that business owners want accurate work, dependable support and clear advice without complicated accounting jargon.
- Friendly, personal service
- Clearly priced and scope of work
- Year round support
- Experience supporting small businesses
- Actionable strategies for every situation
- Reminders and deadline management
- Explanations made clear before accounts are approved and submitted
We focus on helping you stay compliant while giving you a better understanding of your financial position and the confidence to make informed business decisions.
We support businesses in Halesowen, across the West Midlands and throughout the UK.
Related Services
Need Help With Your Year-End Accounts?
If you need help preparing and submitting your year-end accounts, 6 Wands can guide you through the process from start to finish.
Whether you are a sole trader, partnership or limited company, we will explain what is needed, prepare your accounts accurately and help you meet the relevant deadlines.
Contact 6 Wands today to discuss your year-end accounts.