Your Business Year End and Getting it to Us – Guidance on Year End Procedures

In this page we hope to give the detail you need so we get the right information from you, and your year end accounts run smoothly.

If you operate a Personal Service Company and use our Spreadsheet – then all you need to do is complete the year end questionnaire embedded in there (you may need to tailor the dates if you don’t have a 31 March year end) and send us your Spreadsheet – the rest of this page you can skip, other than noting if your spreadsheet and year end questionnaire aren’t with us by 30 September (for 31 March year ends) theres a £100 late processing fee and being aware of the filing deadlines for Companies, as below.

Before sending information to us – check your expenses are complete there is a check list here for companies and here for our YogaTax clients

For other clients, including Personal Service Companies not using our spreadsheet, please read on.

What we need

How to get it to us

When do we need it

Late Processing Fee

Filing Deadlines

What happens after we get your papers

Complete your Your End Questionnaire on-line

What we need

  • Your records of Incomings and Outgoings, paper or electronic
  • Passwords and logins for any cloud or electronic files
  • Bank statements for business bank accounts including loans, savings and credit cards
  • Receipts and vouchers (but if they are bulky check with us first, we may manage without)
  • Payroll and CIS records (CIS, only if you are in the construction industry)
  • VAT records
  • Debtors, creditors and stock
  • Private use and Use of Home adjustments
  • Please make sure your records cover the whole period – if you sent us information overlapping the year end last year, please make sure you’ve taken it out of last years records to include it again for the start of this year!
  • Your Self Assessment Data Request form

For a full list of what we needed please see the year end checklist – we ask this is sent in with your records please:

  • By excel (print off or email) –  excel download
  • Online (via our website – you can also attach accounts files) – Online Form

How to get it to us

  • Books can be send to us by

    – email

    – posted to our office

    – dropped off at Arnold House during office hours

  • Please do not enclose correspondence on other subjects, tax returns, personal tax information or similar with your books – send them under separate cover.
  • We will keep your books for as short a time as possible – please ensure that you have any information you may need in the interim, eg for vat returns or to chase debtors.
  • If you need anything copied and returned to you then please let us know.
  • Please pack your books in as small a parcel as possible – boxes, crates or files may not be returned to you.
  • If your invoices and vouchers are bulky check to see if we need them – sometimes we don’t.
  • Where possible we prefer information electronically.   If most of your records are electronic or cloud based, check with us, we may not need additional hard copy paperwork.  We are happy for bank statements to be scanned, or to have a login for any online / cloud information.

When do we need it

Sole traders/partnerships

  • Accounts due to HMRC by 31 January after the tax year, with Self Assessment Return
  • Please get information to us by 30 September
  • Example
    • 5/4/17 or earlier year ends, to us by 30 September 2017, HMRC 31 January 2018
    • year ends after 6/4/17,  to us by 31 August 2018,  HMRC 31 January 2019

Companies / LLPs

  • Accounts due to Companies House 9 months after year end
  • Corporation Tax payable 9 months after year end
  • Accounts due to HMRC 12 months after year end

    NB deadlines may be shorter for first trading year if its longer than 365 days

  • Please get information to us 6 months after year end
  • Example
    • 31 March 2017 year end
    • to us by 30 September 2017
    • Companies House 31 December 2017 (maybe sooner if its your first year)
    • pay Corporation Tax 1 January 2018
    • File HMRC by 31 March 2018

Late Processing Fee

For business clients, if information is received after the deadlines above a £100+vat Late Processing Fee will apply.

The deadlines are 6 months after year end for Companies/LLPs (i.e 30 September for a 31 March year end) and 30 September for partnerships and sole traders.

The Late Processing Fee doesn’t apply to our YogaTax clients or to Personal Tax Clients, but please try and work within the deadlines above.

Why do we charge a LPF?  Well, late information puts a huge strain on our staff team to get things done on time, and increases the risks of errors and things being rushed, which in turn means we can’t offer the service we would like to.

Filing Deadlines

The normal filing deadlines for HMRC and Companies House are shown above; slightly different deadlines may apply for your first year of trading.

If you get your information to us within the time scales above we guarantee that deadlines will be met so long as the information is complete.

If information is received outside of these deadlines we will make every effort to complete your accounts by the relevant deadlines, but cannot guarantee this.  Where the deadline is met then the Late Processing Fee will apply.

In respect of the 31 December filing deadlines, records received after the start of December are unlikely to be completed on time.   Where filing deadlines are not met, then you will be responsible for any penalties incurred.  Any Professional Fee Protection through ourselves may be invalidated.

What happens after we get your papers

  • We try to prepare your accounts and get your records back to you as soon as possible – normally we aim to complete your accounts within 60 days; however  at busy times our turnaround times can exceed this  – when this happens we do everything possible to reduce our work backlog, and to keep you informed.
  • Please help us by telling us:
    • If your accounts are urgent, eg required for bank, proposed business sale, etc
    • You wish to avail yourself of our 21 day express service (see below)
    • You would like any of your records copied and returned to you
  • We offer a guaranteed 21 day express service for clients – please let us know when bringing your records in if you wish to use this.  The cost is a surcharge of 10% on your normal contracted fee (total fee including non accounts work), subject to a minimum of £100 + vat. Provided your information is complete we will start work on your accounts as a priority and guarantee to let you have draft accounts with 21 days, normally 14 days or less.

Complete your Your End Questionnaire on-line

  • By excel (print off or email) –  excel download
  • Online (via our website – you can also attach accounts files) – Online Form