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One-off company end of year accounts and corporation tax return preparation and filing.
As your business nearing the financial year end, do you find preparing year-end accounts challenging? Every limited company in the United Kingdom requires to prepare and file annual accounts for HMRC and Companies House. However, the process of preparing year-end accounts can be overwhelming and time-consuming. Embark on a journey to financial excellence with GoForma, your trusted partner for expert Year End Accounts services.
In the UK, businesses require to report their statutory accounts annually to the Companies House and HMRC. Year end refers to the day when your business's financial year ends.
For all the limited companies, partnerships, charity and non-profit businesses registered at Companies House, year end is the last day of the month of the company formation, beginning from the subsequent year. So, if your company was formed on 15th March 2023, your first year end date is 31st March 2024.
Year-end accounting, also known as year-end financial reporting, refers to the process of finalizing and summarizing a company's financial activities at the end of its fiscal year. The fiscal year is the 12-month period that a company uses for financial reporting.
Key aspects of year-end accounting include:
All the limited companies, LLPs, charity and non-profit registered with Companies House are legally obliged to report to HMRC and Companies House annually. The company's birthday, which means the day when the company started trading as registered with Companies House, considered as the start of the fiscal year. The year-end falls on the day before the company's birthday in the next calendar year. Do not confuse it with the tax year, which runs from 6th April to 5th April. Usually, your financial year is the same as your accounting period for corporation tax. This is the period on which you need to report Company Tax Return to HMRC and your Statutory Accounts to Companies House. Sometimes, you can file both of them together.
Financial year-end reporting is a legal obligation, ensuring accurate tax payments and providing precise information about the company to the public, banks, shareholders, and potential investors.
While typically delegated to accountants, company directors are responsible prepare and file year end accounts, file corporation tax return and pay on time. We recommend hiring a small business accountant for your year-end reporting.
Apart from the year end accounts, you need to submit your VAT returns (if the company is VAT-registered) and your Confirmation Statement.
You need to submit form CT600 to HMRC which contains the details of your turnover, expenses, tax allowances and profit. HMRC calculates the corporation tax you owe based on this information.
Also known as annual accounts, you need to submit it to the Companies House. Summarize overall outgoings and income instead of detailing individual transactions in statutory accounts. Statutory accounts consist of following:
There are different deadlines to submit to both HMRC and Companies House as stated below:
There are late filing penalties both for HMRC and Companies House. Take both the reporting obligations seriously or the company can be struck off from the register. You need to pay late filing penalties based on how late you submit:
Choosing the right accounting partner to handle your company's Year End Accounts is a decision that can significantly impact your financial health and business growth. At GoForma, we stand out as the go-to choice for several compelling reasons.
Expertise: At GoForma, our team of experienced accountants have a wealth of experience in managing the complexities of Year End Accounts. We understand the nuances of financial reporting and leverage our expertise to ensure accuracy, compliance, and strategic insights.
Personalized Solutions: GoForma takes a personalized approach, crafting Year End Accounts services that align with your specific industry, size, and goals. Whether you're a startup or an established business, we've got you covered.
Compliance: Staying compliant with regulatory standards is non-negotiable. With GoForma, you can trust that your Year End Accounts will not only meet but exceed compliance requirements.
Transparent Communication: At GoForma, we prioritize transparent and open communication. We keep you in the loop throughout the Year End process, answering your questions and addressing concerns promptly.
Save Tax: Our experts analyze your financial data to identify tax-saving opportunities, ensuring that you maximize your returns and minimize your tax liability.
At GoForma, our Year End Accounts service is designed to provide you with a seamless financial solution. Here's a detailed breakdown of what our service includes:
We ensure that your financial records are accurate, up-to-date, and in compliance with legal standards. By maintaining precise records, we set down the foundation for a comprehensive Year End Accounts process.
We prepare your accounts from any bookkeeping records format such as spreadsheets, a cashbook or a bag of receipts. We prepare the income statement, balance sheet, and cash flow statement. Beyond regulatory compliance, these documents serve as powerful tools, offering insights into your financial performance and positioning.
Our team handles the preparation and submission of your corporation tax return, ensuring that you not only meet legal requirements but also optimize your tax position. We proactively seek opportunities for legitimate tax savings, contributing to your overall financial efficiency.
Our service includes the timely submission of your Year End Accounts to both Companies House and HMRC. This not only ensures compliance with legal obligations but also avoids potential penalties, giving you peace of mind.
We provide transparent reporting, keeping you informed at every step of the Year End process. Whether it's clarifying financial details or discussing strategic insights, we prioritize open and clear communication.
At GoForma, we believe that your business's financial success is not just a goal—it's a journey. Maximize your tax efficiency, receive timely submissions to Companies House and HMRC, and benefit from personalized consultations that cater to the unique needs of your business. Ready to experience the GoForma advantage? Don't just take our word for it - Read the excellent reviews on Google and Trustpilot to see why businesses like yours choose GoForma.
Here's everything that's included in your package:
Support with managing a UK Limited Company.
Book a convenient time to talk to your accountant.
Talk to your accountant and manage your account with us through WhatsApp.
Get a 1-on-1 named accountant that you can book time with easily rather than a generic support team.
Get started online quickly through our self service dashboard and book time with your accountant easily.
Get clear insights on your income, expenses, tax efficient salary and dividends.
Help with reviewing and filing your end of year accounts and filing with Companies House.
Support with completing and filing your corporation tax return with HMRC.
Onboarding instantly with GoForma to complete personalised actions and get a walk through with your accountant whenever you're ready.
When you're ready to switch, just add your previous accountant's details and we'll take care of collecting all the data, documents and authorisations we need. We'll keep you updated as we switch your account across.
Get one free IR35 review worth £50.
FreeAgent accounting software license included (worth £300 a year).
Use the iOS and Android FreeAgent apps to add expenses, send invoices, check your account, time track projects or reconcile transactions.
Easily add and track expenses per project.
Automatically import and reconcile your bank transactions from any major bank using open banking.
AI detection to automatically reconcile and explain transactions based on previous explanations.
Get personalised insights based on your business type.
Quickly see a current snapshot of your trial balance, profit and loss, balance sheet and more.
Here are some of the additional services you can buy after you sign up:
Get a professional reference for mortgage applications and more.
We'll review and file a confirmation statement for you (requires Companies House authorisation).
Get an additional self-assessment tax return.
Sync up to 25,000 crypto transactions from 400+ exchanges and wallets to get a complete capital gains tax view for your self assessment tax return.
Once you create your account online these are the steps that you'll need to compete in your dashboard.
Depending on your subscription, you'll have a few onboarding steps when you sign up that you'll need to complete to activate your account.
We'll need some details about your current address and contact information.
Let us know if you'd like us to email, WhatsApp or SMS you with updates.
Complete a digital verification process using your ID (passport or UK driving license) along with a liveness check
Upload a valid proof of address in the UK dated in the last 3 months to verify your identity. This can be a recent council tax bill or utility bill.
Book a welcome call with your new accountant so that they can help get you set up, answer specific questions and walk through what to expect with GoForma.
Add some basic personal tax details for payroll and self assessment filing.
If you already have a Limited Company, then you just need to search for the name and we'll extract all the details we need from Companies House and send you filing reminders.
If you have an accountant already, we need to send a professional clearance request so that we can collate all the key documents and data we need to operate as your accountants.
Let us know if you're already registered for VAT, want to register for VAT or if you're unsure about VAT registration.
We need a confirmation code from Companies House so that we can file your confirmation statement, end of year accounts and make any changes to your account like additional directors or registered office.
Depending on your package we'll need to ask HMRC for authorisation to manage your personal self assessment tax filing, VAT, corporation tax and PAYE.
Once you've completed our accountant switch form, we'll send a link to your accountant to upload all the documents we need and continue to follow up with them.
Add some basic details about your industry that we'll need to get your FreeAgent accounting software up and running. If you already have FreeAgent then you can add your details here.
Schedule some time with your accountant to walk through how to use FreeAgent.
One-off company end of year accounts and corporation tax return preparation and filing.
*Prices quoted exclude VAT