Everything You Need To Know About Year-End Accounts For Limited Companies

Account reporting by the end of each year is a legal requirement for limited companies. You must provide a financial report to HMRC (HM Revenue and Customs) and Companies House Management as a limited business to continue operating.

Here’s everything you need to know about year-end accounts for limited companies.

Function of Financial Year End Reporting

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Its main function is to lay forth a company's business plan, share distribution, and typical revenue for the fiscal year. The procedure assures that no corporation withholds or reduces tax for no reason.

The limited company business format is one of the most popular in the UK. According to official figures, there are about 4 million registered limited companies in the UK.

Each year, 500,000 new limited liability businesses add to the stats. Giants like HSBC and British American tobacco are some examples of limited companies. 

Financial Statements for the Entire Year

There's a list of all the business transactions and banking activities you've completed. It is always preferable to prepare this paperwork weeks ahead of time. Ensure that your accountant notes each transaction to include it in your tax returns later.

The financial statements are the first stage in determining if you are tax eligible for the year. If so, you'll need to figure out how much you'll have to pay.

Prepare Income and Balance Statements

You should be able to produce your income statement and balance sheet based on your financial statements. Your income statement organizes all of your company's profits and losses for the year.

The income sheet shows a year's worth of company transactions. Balance sheets provide an accurate picture of a company's assets throughout time.

Details of Your Bank Account and Credit Card

You must disclose the firm's financial information and credit card transactions in your year-end accounts. Look for discrepancies in your accounting and banking data.

A chartered accountant can help balance your banking and accounting details. Make an appointment with IBISS & CO to discuss your company's year-end reports and records today.

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IBISS & CO is a reputable London-based firm of chartered tax experts and accountants. We handle all forms of business accounts, rental income declarations, and property taxes.

We have recently opened an office in Walsall and have garnered a reputation of being one of the best personal tax advisors in the UK.

Contact us today for more details.

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