Year-End Financial Statements
Each business will have its own financial year, with the year starting on the company’s ‘birthday’, aka the date it was registered with Companies House.
Creating financial year end reports is a legal requirement for most companies. Year end financial statements are statutory documents that are a necessary part of a company’s compliance duties. In plain English, this means they have to be prepared every year and filed with the relevant authorities on time.
The objective of these documents is to ascertain how much tax the business owes. A Corporation Tax Return (CT600) is prepared based on the information stated in the financial statements.
A recent study showed that year end account preparation to be the most stressful time of year for a business, with more than 80% of companies leaving such tasks until the last minute. When working with Lime Advisory, a very different approach will be taken.
As your accountants, we will manage your accounts and get them in order not just in the weeks leading to your filing deadline, but all year round. We are of the mindset that if management information is kept accurate and up to date within a cloud accounting platform, the year end should be a straightforward process.
So, why wait until 9 months after your year end to prepare and submit, when it can be done within 3 months?