Final Accounts (Statutory Accounts) Service in Bromley, London
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Why prepare them?
The final accounts are a necessary part of every accounting cycle for every business, be it a sole proprietorship, a partnership, or a limited liability company. Not only do they help show how the business is fairing financially, they help major stake holders such as shareholders, directors, and investors make important decisions like when to invest additional capital, when to liquidate, and even comparing the business performance with competitors or previous years.
Furthermore, in partnerships and sole proprietorships, the final accounts need to tally with the owner’s or partners self-assessment tax returns, thereby playing a major role when it comes to filing taxes. They also come in handy when applying for a mortgage in a bank for self-employed applicants.
Which fiscal year should you use?
Typically, you’re allowed to select whichever fiscal year you shall use depending on your needs. However, since most final accounts are needed when filing for tax returns, the best fiscal year is the tax year which ends in 31 st March or 5 th April. This will allow you to have the latest records and hence most accurate tax returns for your business. However, choosing a different year-end will help you gauge your tax returns beforehand and consequently, make efforts to meet your company’s obligations.
When to prepare your final accounts?
Ideally, you should start preparing your final accounts early enough to have room for correcting and highlighting errors if any. Doing this process close to the deadline may constrain you and make you more prone to mistakes. Eventually, you will file your tax late and get fined. Having experts prepare them for you is your best bet in preparing accurate final accounts company’s obligations.
Let us help you
We at Philip Nolan Accountants have extensive experience and knowledge about financial reports and are willing to help you meet your deadlines. We shall prepare your final accounts from whatever records you have and save you the stress of meeting deadlines and making mistakes. Our highly trained accountants as well as our competitive pricing make us your go-to financial adviser when it comes to financial reports. Consider us.