Accounts & Outsourced Services

Accountancy and bookkeeping tasks can be time-consuming for any business. Employing the services of a Chartered Accountant will ensure you remain compliant and save you time, enabling you to concentrate on the daily running of your company. 

Our experienced specialists can assist you in filing your year-end statutory accounts, which must be provided to HM Revenue & Customs (HMRC) and Companies House. They can also assist you in producing corporation tax returns and keep on top of company secretarial filings. This can help you save both time and money in the long run by reducing the burden on your team and removing the need for hiring additional members of staff. 

In business, the year-end is defined as the end of a company’s financial year. Year-end accounts, therefore, are a summary of your business activities over a 12-month period. 

Statutory accounts must include: 

• a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year 

• a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year 

• notes about the accounts 

• a director’s report (unless you’re a ‘micro-entity’) 

You might have to include an auditor’s report – this depends on the size of your company. 

During the year-end accounts process, you will also be required to prepare a Corporation Tax return. 

Year-end accounts are a legal requirement. They must be submitted to Companies House within nine months of the end of your financial year. 

Your corporation tax return is then required to be submitted to HMRC (alongside your year-end accounts) within 12 months of the end of your company’s financial year.

You might be able to send simpler, abridged accounts to Companies House and not be audited. This depends on whether your company is dormant or qualifies as a small company or ‘micro-entity’. 

Small businesses may submit abridged year-end accounts if they meet at least two of the following: 

• has fewer than 50 employees; 

• turnover is less than £10.2 million; and/or 

• has less than £5.1 million on its balance sheet. 

Abridged accounts must contain a simpler balance sheet, along with any notes. You can also choose to include a simpler profit and loss account and a copy of the director’s report. 

Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following: 

• a turnover of £1 million or less 

• £500,000 or less on its balance sheet 

• 10 employees or less. 

If your company is a micro-entity, you can: 

• prepare simpler accounts that meet statutory minimum requirements 

• send only your balance sheet with less information to Companies House 

• benefit from the same exemptions available to small companies 

Management information is crucial to understanding your business’s financial health. It allows you to make significant, well-informed business decisions.  

Management information is the data in a company that provides critical information to help business leaders and directors with business decision-making.  

Management information covers a wide range of areas of accounting data, including profit and loss statements, cash flow statements and forecasts. But it can also cover a broader range of business areas like inventory, sales data and customer satisfaction scores. 

Regular financial management and reporting means that, if or when something does change, you’ll have greater insight into each aspect of your business and be in a stronger position to make essential decisions promptly, lessening the risk of being taken by surprise.