Limited companies - are you ready for ‘year-end’?
Posted on 1st March 2021
Whilst businesses are free to choose when their year-end is (we can help you decide this), most choose to align theirs with the financial year dates. This means that, for most businesses across the UK, there are some busy weeks ahead.
Carrying out a little accountancy ‘housekeeping’, to ensure your accounts are in order, will make things much easier and less confusing – freeing up time that you can use to get ahead of the game and focus on your business.
To create your year-end accounts, you will need to complete several activities to ensure you not only submit correctly but benefit as much as you can from any reductions in the amount of corporation tax you have to pay. You will need to send your Company’s Tax Return to HMRC and your Statutory Accounts to Companies House.
At Abaqus, we can provide advice and guidance, such as ensuring you claim all necessary expenses. This is the only time where less profit is actually a good thing; less profit means less corporation tax. To ensure you get it all done right – and to save you precious time - we can help you prepare what’s required.
In the meantime, here’s some tips on things you should be thinking about.
In preparation for year-end, there are some activities that you can be doing to make this time of year more streamlined. This includes chasing up any outstanding invoices – year-end is always a good excuse to get in contact with customers too, encouraging further business.
If you need to invest in goods with a higher expense for your business, such as assets, now is certainly the best time. Remember though, ONLY buy something you need; there’s no point spending £20,000 on a new van to save £4,000 of tax, as you’ll be down £16,000 with a van you don’t need!
Tagged as: Corporation Tax, HMRC, Limited Companies, Tax Return
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