Before your company’s year ends, chase unpaid invoices, keep business spending in the business account, count any stock and time planned purchases or pension contributions. Then gather a full year of bank statements, receipts, asset and payroll records, and check your dividend paperwork, director’s loan account and confirmation statement date.
A company year end goes smoothly when a few things are done before the year closes and the records are ready afterwards. Keep this list and run through it every year.
Before the year closes
- Chase unpaid customer invoices while the relationship is still warm.
- Pay business costs from the business account, not a personal card.
- Count your stock, if you hold any.
- If you are making a pension contribution or buying equipment partly for tax reasons, make sure it lands inside the financial year.
Gather the records
- Bank statements covering the full period.
- A record of money you have put into, or taken out of, the company.
- Receipts and invoices.
- Details of any assets bought or sold.
- The year’s payroll records, if you run payroll.
The things directors forget
Dividends need paperwork. Each one should be backed by the right records, and mistakes cause problems later.
Director’s loans have consequences. Money owed to or by the company can carry a tax charge if it is not cleared in time.
The confirmation statement is separate. It goes to Companies House with its own deadline, apart from the accounts.
Then hand it over
We prepare and file your accounts, corporation tax return and confirmation statement on time, and send you a plain-English summary of the figures before anything is filed.
General information only, not advice for your circumstances.