Core Services: Year End Accounts & Tax Return

Core Service Package - Year End Accounts & Tax Return

Our Core Service Package comprises the minimum accountancy services you will need to fulfil your legal an tax obligations.

In short these are:

  • Your year end accounts
  • Your year end tax return for your business

We can provide you with free accounting software - either cloud based or desktop

If you need other services such as VAT, payroll and tax advice, you can just bolt this on as you need it

Jump straight to Self employed
Jump straight to Companies and directors

Self Employed | Sole Traders | Unincorporated Businesses

Our Core Service package is designed to provide you with the bare minimum you will require to keep on the right side of the taxman. This includes

  • the preparation of your year end accounts, including your taxable profit,
  • completion of your self assessment tax return
  • world class cloud based accounting software to help you keep on top of everything

If you are trading or generating income other than through employment you are going to need to complete a tax return. Despite some rumours, in almost all circumstances, there's no minimum income threshold before you need to complete a tax return, unfortunately. The chances are, if you're reading this, then you've received a notice from HMRC that you need to fill in a self assessment tax return.

If you're operating a business, whether its an ebay business, working as a self employed tradesman or any other business, you will need to calculate your taxable profit for the year.

If this is your first year in business then there are some quite complex First Year Trading rules that you will need to negotiate with the potential to be taxed on Overlap Profits (a nasty set of rules where you effectively get taxed twice on the same income if you are not careful!)

To complete your self assessment tax return you are going to need to keep your accounts in order so that if HMRC challenge your return you can demonstrate that you've prepared your accounts correctly.

As well as preparing your tax return, there are often other parties that are interested in your accounts - mortgage providers and banks, landlords, insurers. It's important that your accounts reflect the economic reality, but it's also important that your accounts don't accidentally give, say,  your mortgage provider the wrong impression. Presenting your accounts in the best possible light is the least you deserve for the hard work you put in to the business you run.

Finally, and we believe most importantly, you need to know how your business is performing, to allow you to make decisions about where to take your business, and make plans for you and your family for the future

Limited Companies | Contractors | Directors

If you operate through a limited company, our Core Service package will

  • Prepare your annual company accounts ready to be submitted to Companies House
  • Prepare you corporation tax return
  • Submit your accounts to Companies House, once you are happy with them
  • Submit you Corporation Tax Return to HMRC using iXBRL coding
  • Provide you with world class cloud accounting software to help you keep on top of your books

If you have other accounting needs, such as VAT returns or payroll, or if you want to take advantage of our Tax Advisory bolt-on (highly recommended), you can add these as you need them, so you never end up paying for services you don't need.

Your obligations as a director

The Companies Act 2006 is very prescriptive about what your obligations are as a director.

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. If the below sounds a bit daunting, don't worry - we can help though:

Official Directors Duties

Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
  • prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Other Duties

You also need to complete and submit your company's corporation tax return, and then pay the tax. Whilst we can't pay the tax for you, we can help you with the rest, all included in the Core Service package.

You also need to submit a "confirmation statement", what used to be Companies House' annual return.

We can do this for you as an additional bolt-on service. Its quite simple and many prefer to do it themselves, and save themselves some fees, but if you prefer us to do this for you, we would be more than happy to help.