You may be different, but most creative agency leaders we've worked with don't enjoy spending their valuable time talking to the taxman! Don’t worry, our Magicians are on hand to make sure that you don’t have to.
In the UK, companies need to report accounts for HMRC and Companies House annually. The ‘year end’ refers to the day that your business’s financial year ends. If you’re a sole trader, the best date is the 5th of April, as this matches the end of the UK tax year. If you are a limited company, then Companies House will set your year end on the last day of the anniversary of the month in which you incorporated the company.
For agencies that are set-up as sole traders and partnerships, year end accounts will form the basis of the business owners’ self assessment tax return.
For owner-managed limited companies, the limited company accounts will contain details of the directors’ salaries and the dividends paid to shareholders, which must also be accurately reflected in their own self assessment tax return. We'll ensure that your financial system has all of its records maintained accurately to enable this process to be as simple, smooth and seamless as possible.
We’ll make sure that your accounts are prepared according to one of the accounting standards – either International Financial Reporting Standards or the New UK Generally Accepted Accounting Practice.
We can help you in the following ways with your financial year end accounts:
We'll ensure that your Corporation Tax calculation is submitted to HMRC in time and paid on or before the due date to ensure that you are not We’ll take account of this Corporation Tax calculation in your monthly management accounts from us, so that you are aware that this cost is coming, and what you can expect this tax bill to be, based on your financial performance
We’ll make sure that all of the adjustments which need to be made are taken care of, and our accountancy system if reconciled and matches your year-end accounts report, which will be uploaded to Companies House. We can also offer support to help you calculate dividends and payroll for directors to ensure that you’re paying the correct amount of tax, and we’ll provide guidance around thresholds for tax calculations for you, enabling you to make the best decisions for your business and for your personal finances.